Global Trade - Vocabulary
Authored by Felicia Johnson
Business
8th Grade
Used 98+ times
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13 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
goods and services PURCHASED from other countries
Imports
Exports
Absolute Advantage
Comparative Advantage
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
goods and services SOLD to other countries
Imports
Exports
Absolute Advantage
Comparative Advantage
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
occurs when a country possesses unique resources or capabilities allowing for the lowest cost of production for a product
Absolute Advantage
Exports
Imports
Comparative Advantage
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
occurs when a country is able to produce a product more efficiently and at a lower cost than another country
Comparative Advantage
Absolute Advantage
Exports
imports
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
French word for ‘leave alone’; economic concept opposing governmental involvement in commerce beyond what is necessary to keep an economic system running on its laws; associated with a free enterprise system
Laissez-faire
Comparative Advantage
Absolute Advantage
Exports
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
tax on imports
Tariff
Protective Tariff
Revenue-producing Tariff
Quota
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
tariff which increases price on imports to protect domestic products
Protective Tariff
Tariff
Revenue-producing Tariff
Quota
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