Econ First term s.s.s.3

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

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

Tariffs and Quotas can benefit nations imposing them by...

• Raising revenue
• increasing variety of goods
• lowering prices
• increasing consumption 

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

Developed nations have all of the following except

• better education
• high levels of technology
• better health
• higher populations

Underdeveloped nations tend to trade what type of goods

• Low skill products
• High tech goods
• finished products
• High skill products

A good or service brought in from another country for sale.

• import
• export 
• tariff