Unit Six Lesson Fifteen Economics

The difference between the value of a country’s exports and the value of its imports

• Imports

• Free trade

• Balance of trade

• Exports

Goods and services produced domestically and sold in other countries

• Imports

• Globalization

• Tariffs

• Exports

The trading of one national currency for another

• Foreign exchange

• Imports

• Protective tariff

• Exports

The policy of eliminating barriers to international trade

• Global economy

• Balance of trade

• Exports

• Free trade

The system of economic interaction among the world's countries

• Free trade

• foreign exchange

• Global economy

• Imports

Goods and services produced in other countries and sold domestically

• Free trade

• Imports

• Tariffs

• Exports

A tax on imported goods designed to protect domestic producers from foreign competition

• Free trade

• Protective tariff

• Imports

• Exports

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

• Protectionism

• Balance of trade

• Global economy

• Exports

Which of the following is not a contributor to the dramatic increase of global trade?

• The use of satellite systems to communicate

• The shift of trade to lighter manufactured goods

• The development of more advanced jet planes

• The decrease in demand for agricultural goods

When a country can produce a good or service at a lower opportunity cost than its competitors can, it has

• An international advantage

• A comparative advantage

• An absolute advantage

• A global advantage