INTERNATIONAL TRADE

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

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

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

• tariff
• quota
• subsidy
• embargo

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

• trade surplus
• trade embargo
• trade barriers

The lowering or elimination of protective tariffs and other trade barriers between two or more nations.

• free trade
• protectionism
• balance of trade

An excess of imports over exports.

• trade surplus
• trade deficit

INTERNATIONAL TRADE is...

• the exchange of goods, and services across international borders or territories

• the exchange of capital, goods, and services

• the exchange of capital, goods, and services across international borders or territories

• the exchange of goods across international borders or territories

Some companies sell their product in overseas markets at a much lower price than their actual cost of producing. What is that product called?

• Discounting

• Dumping

• Increase the price

• Falling the price

A nation has a deficit in its international balance of trade when______________.

• government expenditures exceed tax revenues

• it buys goods of greater value from other nations that it sells to them

• it sells goods of greater value to other nations than it buys from them

• it invests more in other countries that it receives from them

If nations limit trade in of clothing who will benefit?

• Domestic Consumers of clothing
• Domestic producers of clothing
• Foreign Producers of clothing 
• department stores who sell clothing

A major cost of freer trade from poor nations is that they will

• get cheaper stuff
• they will get more stuff
• environmental damage
• greater variety of stuff