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- 1. Multiple ChoiceTo focus on producing one thing to improve productivity is known as:SpecializationInternational tradeAbsolute AdvantageSupply and Demand
- 2. Multiple ChoiceWhen determining comparative advantage one must determineOpportunity costSpecializationAbsolute AdvantageEmbargos
- 3. Multiple ChoiceIf I am better at all types of production, I have the ______ in all forms of production.Comparative advantageSpecializationAbsolute advantagedeveloped nation
- 4. Multiple ChoiceA trade agreement between 27 countries of with the same currency and open trade between those nations.NAFTAEUWTOABC
- 5. Multiple ChoiceA trade agreement between Canada, Mexico, and the USNAFTAEUWTOABC
- 6. Multiple ChoiceAll of the following are terms used to describe limitations on trade except?Trade BarriersSanctionsTrade restrictionsEU
- 7. Multiple ChoiceThis trade barrier limits the number of products that can be brought into a country.TariffQuotaEmbargoSubsidy
- 8. Multiple ChoiceThis is a tax on imports that is used to increase price of foreign products and raise government revenue.tariffquotasubsidyembargo
- 9. Multiple ChoiceThis is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.tariffquotasubsidyembargo
- 10. Multiple ChoiceWhich of the following is not a benefit of trade between nations?More stuffBetter stuffcheaper stuffsimilar stuff
- 11. Multiple ChoiceIf nations limit trade in of clothing who will benefit?Domestic Consumers of clothingDomestic producers of clothingForeign Producers of clothingdepartment stores who sell clothing
- 12. Multiple ChoiceIf nations limit trade in of clothing who will benefit?Domestic Consumers of clothingDomestic producers of clothingForeign Producers of clothingdepartment stores who sell clothing
- 13. Multiple ChoiceNot trading with nations who create products using child labor is used in the argument forDomestic JobsNational DefenseHuman RightsEnvironment
- 14. Multiple ChoiceTariffs and Quotas can benefit nations imposing them by...Raising revenueincreasing variety of goodslowering pricesincreasing consumption
- 15. Multiple ChoiceInfant industries can be helped in the world market by giving those industries asubsidyquotaembargotariff
- 16. Multiple ChoiceA major cost of freer trade from poor nations is that they willget cheaper stuffthey will get more stuffenvironmental damagegreater variety of stuff
- 17. Multiple ChoiceWho will be hurt by a tariff on medicine coming into the US.US medical companiesUS government revenueSick people in US
- 18. Multiple ChoiceThe main justification for an embargo on foreign goods is toPunish a nationraise revenueIncrease consumption or the good
- 19. Multiple ChoiceDeveloped nations have all of the following exceptbetter educationhigh levels of technologybetter healthhigher populations
- 20. Multiple ChoiceUnderdeveloped nations tend to trade what type of goodsLow skill productsHigh tech goodsfinished productsHigh skill products
- Answer choicesTagsAnswer choicesTags