Unit 7 Review

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

• tariff
• quota
• subsidy
• embargo

Which of the following is not a benefit of trade between nations?

• More stuff
• Better stuff
• cheaper stuff
• similar stuff

A good or service produced in the home country and sold in another country.

• import

• export

A trade agreement between Canada, Mexico, and the US

• NAFTA
• EU
• WTO
• ABC

The main justification for an embargo on foreign goods is to

• Punish a nation
• raise revenue
• Increase consumption or the good

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

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

• import
• export