International Trade

To focus on producing one thing to improve productivity is known as:

• Specialization
• International trade
• Absolute Advantage
• Supply and Demand

When determining comparative advantage one must determine 

• Opportunity cost
• Specialization
• Absolute Advantage
• Embargos 

If I am better at all types of production, I have the ______ in all forms of production.

• Comparative advantage
• Specialization
• Absolute advantage
• developed nation

This trade barrier limits the number of products that can be brought into a country.

• Tariff
• Quota
• Embargo
• Subsidy

This is a tax on imports that is used to increase price of foreign products and raise government revenue. 

• tariff
• quota
• subsidy
• embargo

This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.

• tariff
• quota
• subsidy
• embargo

Watches made in Norway are worn by people in California.

• import 
• export

Tires made in Tennessee factories are used on cars in Europe.

• import
• export

A means of preventing a foreign product or service from freely entering a nation's territory.

• trade surplus
• trade embargo
• trade barriers

The policy of imposing duties or quotas on imports in order to protect home industries from overseas competition.

• free trade
• protectionism
• balance of trade