International Trade

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

• Specialization

• International trade

• Absolute Advantage

• Supply and Demand

When determining comparative advantage one must determine 

• Opportunity cost

• Specialization

• Absolute Advantage

• Embargos 

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 Canada, Mexico, and the US

• NAFTA

• EU

• WTO

• ABC

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 labor is used in the argument for

• Domestic Jobs

• National Defense 

• Human Rights

• Environment 

A major cost of freer trade from poor nations is that they will

• get cheaper stuff

• they will get more stuff

• environmental damage

• greater variety of stuff