WorksheetsTrade and Trade Barriers
Total questions: 15
Worksheet time: 13mins
trade surplus
net exports
trade barriers
The ability to produce a product most efficiently given all the other products that could be produced.
absolute advantage
comparative advantage
import
export
tariff
income tax
embargo
specialization
subsidy
Comparative advantage: Because each nation has limited natural resources, a country must weigh its best options or ________________ when using natural resources to produce a particular good or service for export.
opportunity costs
government structure
military strength
All of these
International trade tends to encourage companies to be more competitive, thus forcing prices down and increasing quality.
True
False
Which country does the U.S. have the smallest trade deficit with and what is the amount of the deficit?
Germany; 65 billion
Japan; 69 billion
China; 375 billion
Canada; 18 billion
Which country does the U.S. have the largest trade deficit with and what is the amount of the deficit?
Germany; 65 billion
Japan; 69 billion
China; 375 billion
Mexico; 71 billion
What is it called when a company focuses on producing one type of good or service?
Specialization
Productivity
Underutilization
GDP per capita
What would be an argument FOR protectionism (tariffs)?
