International Trade

Front

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

Back

Specialization

Front

When determining comparative advantage one must determine

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Opportunity cost

Front

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

Back

Absolute advantage

Front

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

Back

EU

Front

A trade agreement between Canada, Mexico, and the US

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NAFTA

Front

All of the following are terms used to describe limitations on trade except? Trade Barriers, Sanctions, Trade restrictions, EU

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EU

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

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

Back

embargo

Front

Which of the following is not a benefit of trade between nations? More stuff, Better stuff, cheaper stuff, similar stuff

Back

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