International Trade

What is a tax paid on imports?

• Tariff

• Embargo

• Subsidy

• Quota

What is a limit on imports?

• Export

• Quota

• Embargo

• Subsidy

Export means

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

When determining comparative advantage one must determine 

• Opportunity cost
• Specialization
• Absolute Advantage
• Embargos 

Goods and services produced in other countries and sold domestically.

• import

• export

Goods and services produced domestically and sold in other countries.

• import

• export

The policy of erecting trade barriers to shield domestic markets from foreign competition.

• Free Trade

• Protectionism

• Trade Barriers

A ban on trade with a country or group of countries, usually for political reasons; a type of trade barrier.

• Protective Tariff

• Import Quota

• Trade Embargo

• VER

The value of one currency in terms of another.

• Exchange Rate

• Term Currency

• Currency Term

A North American agreement formed to promote trade between Canada, the United States, and Mexico. Just renamed recently.

• World Trade Organization

• United Nations

• World Bank

• NAFTA-USMCA