International Trade and Globalization

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

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

If I am better at all types of production, I have the ______ in all forms of production.

• Comparative advantage
• Specialization
• Absolute advantage
• developed nation

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

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

• tariff
• quota
• subsidy
• embargo

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

• Tariff
• Quota
• Embargo
• Subsidy

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

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

Tariffs and Quotas can benefit nations imposing them by...

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

Developed nations have all of the following except

• better education
• high levels of technology
• better health
• higher populations