International Trade Quiz 2021

The more individuals and nations specialize and trade, the more dependent they become on each other to supply their basic wants.

• interdependence

• comparative advantage

• specialization

• absolute advantage

A situation in which people produce a narrower range of goods and services than they consume.

• interdependence

• comparative advantage

• specialization

• absolute advantage

The ability to produce a good or service at a lower opportunity cost than some other producers.

• interdependence

• comparative advantage

• specialization

• absolute advantage

The ability to produce more units of a good or service than some other producer, using the same amount of resources.

• interdependence

• comparative advantage

• specialization

• absolute advantage

The part of a nation's balance of payments accounts that deals only with its imports and exports of goods.

• Balance of Trade

• Balance of Payments

• Trade Surplus

• Trade Deficit

The record of all transactions between individuals, firms and governments of one country with those in all other countries in a given year, expressed in monetary terms.

• Balance of Trade

• Balance of Payments

• Trade Surplus

• Trade Deficit

When exports exceed imports, a nation is said to have a __________________.

• Balance of Trade

• Balance of Payments

• Trade Surplus

• Trade Deficit

When imports exceed exports, a nation is said to have a __________________.

• Balance of Trade

• Balance of Payments

• Trade Surplus

• Trade Deficit

A tax on an imported good or service.

• Embargo

• Tariff

• Standards

• Quotas

The limit on the quantity of a product that may be imported or exported.

• Embargo

• Tariff

• Standards

• Quotas