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

If nations limit trade of clothing who will benefit?

• Domestic Consumers of clothing

• Domestic producers of clothing

• Foreign Producers of clothing

• department stores who sell clothing

Which of the following was the most important in creating the global economy that exists today?

• The use of high taxes for imports and exports

• Improvements in technology such as the Internet

• The creation of one form of currency (money) used to trade

• The success of the Communist governments in guiding trade

According to the law of comparative advantage, a nation should ____________________.

• specialize and export goods with the lowest average cost

• specialize and export goods with the lowest production cost

• specialize and export goods with the highest opportunity cost

• specialize and export goods with the lowest opportunity cost

If the country of Columbia has an optimal climate, low labor costs and the reputation for the world's best tasting coffee, it has a ______ in coffee production.

• Comparative advantage

• Specialization

• Absolute advantage

• Trade Barrier