international trade quiz 1

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

• import
• export

Watches made in Norway are worn by people in California.

• import 
• export

Chairs made in North Carolina are flown to Mexico.

• import
• export

Computers made in China are used by students in Texas.

• import
• export

The definition of TRADE is __________________.

• Importing goods
• to buy or sell goods or services
• Exporting goods

Why does the United States need to import products?

• The US does not import products
• Some are easier and cheaper to make in other countries
• The US makes all of its own products

Export means

• buying goods from another country
• selling goods to another country
• only making one kind of product

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