Specialization in Trade Practice

Front

What is specialization in trade?

Back

When countries focus on producing goods they make most efficiently

Front

Specialization encourages trade between countries because:

Back

Countries trade goods they produce efficiently for goods they lack.

Front

Specialization decreases the need for trade between countries.

Back

False

Front

Countries trade because they cannot produce all goods as efficiently as others. True or False?

Back

True

Front

Specialization and trade lead to greater global productivity.

Back

True

Front

Why does specialization encourage trade between countries?

Back

It allows countries to focus on producing goods more efficiently.

Front

What is the purpose of a quota?

Back

To limit the amount of a product imported

Front

Which country in Europe is known for specializing in automobiles, impacting its trade?

Back

Germany

Front

What is the main goal of imposing a tariff?

Back

To protect domestic industries

Front

How do quotas affect the market?

Back

They limit the supply of goods