International Trade (A2)

To focus on producing one thing to improve productivity is known as:

• Specialization
• International trade
• Absolute Advantage
• Supply and Demand

A trade agreement between 27 countries of with the same currency and open trade between those nations.

• NAFTA
• EU
• WTO
• ABC

A trade agreement between Canada, Mexico, and the US

• NAFTA
• EU
• WTO
• ABC

All of the following are terms used to describe limitations on trade except?

• Trade Barriers
• Sanctions
• Trade restrictions
• EU

This trade barrier limits the number of products that can be brought into a country.

• Tariff
• Quota
• Embargo
• Subsidy

This is a tax on imports that is used to increase price of foreign products and raise government revenue. 

• tariff
• quota
• subsidy
• embargo

This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.

• tariff
• quota
• subsidy
• embargo

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

Not trading with nations who create products using child labour is used in the argument for

• Domestic Jobs
• National Defence 

• Human Rights
• Environment 

Tariffs can benefit nations imposing them by...

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