International Trade

What term describes the ability of a country to produce a good more efficiently than another country?

• Protectionism

• Trade barriers

• Absolute advantage

• Comparative advantage

Which of the following refers to the benefits gained from producing goods in larger quantities?

• Generic

• Quota

• Economies of scale

• Tariff

What is the term for government-imposed restrictions on international trade?

• Trademark

• Supply chain

• Protectionism

• Free trade

Which of the following is a limit on the amount of a product that can be imported?

• Externalities

• Absolute advantage

• Quota

• Tariff

What is the term for the practice of selling goods in a foreign market at a price lower than their domestic price?

• Grant a patent

• Favour

• Infant industry

• Dumping

Which organization is responsible for regulating international trade agreements?

• World Bank

• European Union

• International Monetary Fund

• World Trade Organisation

What is the term for the unintended side effects of an economic activity on unrelated third parties?

• Better off

• Externalities

• Deliberately

• Prosperous

Which term refers to the legal right granted to an inventor to exclude others from making, using, or selling their invention?

• Generic

• Grant a patent

• Trademark

• Copyright

What does 'to impose tariffs on' mean?

• To increase taxes on imports

• To reduce trade barriers

• To support infant industries

• To promote free trade

Which term describes a market condition where there is no restriction on trade between countries?

• Favour

• Trade barriers

• Free trade

• Protectionism