International Trade

Front

If the country of Columbia has an optimal climate, low labor costs and the reputation for the world's best tasting coffee, it has a ______ in coffee production.

Back

Absolute advantage

Front

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

Back

EU

Front

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

Back

WTO

Front

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

Back

Quota

Front

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

Back

tariff

Front

The main justification for an embargo on foreign goods is to

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Punish a nation

Front

Developed nations have all of the following except: better education, high levels of technology, better health, low productivity

Back

low productivity

Front

Underdeveloped nations tend to trade what type of goods?

Back

Low skill products

Front

What is PROTECTIONISM?

Back

economic policy of restricting imports from other countries

Front

INTERNATIONAL TRADE is...

Back

the exchange of capital, goods, and services among nations