Unit 3 Global Economy

Which of the following is not a barrier for trade used in economic activities?

• Tariff

• Quota

• GDP

• Embargo

The goods and services a nation produces and then sells to other nations

• Export

• Import

• Absolute Advantage

• Comparative Advantage

International trade involves both imports and ________________.

• trade

• exports

• quota

• tariffs

​The goods and services a nation buys from other nations

• Embargo

• Tariff

• Imports

• Exports

A tariff will ________ the price of imported goods.

• lower

• decrease

• increase

• negate

Country X produces more manufactured goods than Country Y. It is said Country X has a __________________ over Country Y.

• Tariff

• Comparative Advantage

• Quota

• Absolute Advantage

A tariff is a _________ charged for goods that leave or enter a country.

• quota

• embargo

• trade

• tax

The United States produces manufactured goods more efficiently than another country. The US has a __________________ advantage over that country.

• absolute

• comparative

• total

• tax

Government restrictions on international trade decreasing efficiency.

• Trade Barrier

• GDP

• Global Economy

• Social Security

Government-imposed restriction that limits the number of goods that a country can import during a particular period.

• Embargo

• Tariff

• Import Quota

• Export Quota