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

Back

NAFTA

Front

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

Back

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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