International Trade
Flashcard
•
Social Studies, History
•
5th - 8th Grade
•
Hard
Wayground Content
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20 questions
Show all answers
1.
FLASHCARD QUESTION
Front
To focus on producing one thing to improve productivity is known as:
Back
Specialization
2.
FLASHCARD QUESTION
Front
When determining comparative advantage one must determine: Opportunity cost, Specialization, Absolute Advantage, Embargos
Back
Opportunity cost
3.
FLASHCARD QUESTION
Front
If I am better at all types of production, I have the ______ in all forms of production.
Back
Absolute advantage
4.
FLASHCARD QUESTION
Front
A trade agreement between Canada, Mexico, and the US
Back
NAFTA
5.
FLASHCARD QUESTION
Front
This trade barrier limits the number of products that can be brought into a country.
Back
Quota
6.
FLASHCARD QUESTION
Front
This is a tax on imports that is used to increase price of foreign products and raise government revenue.
Back
tariff
7.
FLASHCARD QUESTION
Front
This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.
Back
embargo
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