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- 1. Multiple Choice
The ability to produce more of a given product using a given amount of a resource.
Absolute Advantage
Comparative Advantage
Positive Advantage
Negative Advantage
- 2. Multiple Choice
The ability to produce a product most efficiently given all the other products that could be produced.
Absolute Advantage
Comparative Advantage
Positive Advantage
Negative Advantage
- 3. Multiple Choice
The value of all monetary transactions between a country's economy and the rest of the world.
Balance of Trade
Trade Deficit
Balance of Payments
Trade Surplus
- 4. Multiple Choice
The relationship between the value of a country's exports and the value of its imports.
Trade Deficit
Trade Surplus
Balance of Trade
Balance of Payments
- 5. Multiple Choice
A situation in which a nation imports more goods and services than it exports.
Balance of Trade
Balance of Payments
Trade Surplus
Trade Deficit
- 6. Multiple Choice
A situation in which a nation exports more goods and services than it imports.
Balance of Payments
Trade Surplus
Trade Deficit
Balance of Trade
- 7. Multiple Choice
A means of preventing a foreign product of service from freely entering a nation's territory.
Trade War
Trade Off
Trade Association
Trade Barrier
- 8. Multiple Choice
A tax on imported goods.
Embargo
Subsidy
Tariff
Quota
- 9. Multiple Choice
A ban on trade with a particular country.
Subsidy
Embargo
Tariff
Quota
- 10. Multiple Choice
A government payment that supports a business or market.
Tariff
Standards
Embargo
Subsidy
- 11. Multiple Choice
A type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.
Subsidy
Quota
Embargo
Tariff
- 12. Multiple Choice
Safety, environmental, health, or other technical requirements set by a government. Imports must meet these requirements before they are allowed to come into the country.
Standards
Subsidy
Quota
Tariffs
- 13. Multiple Choice
The lowering or elimination of protective tariffs and other trade barriers between two or more nations.
Free Trade
Embargos
Trade Barriers
Foreign Exchange Rate
- 14. Multiple Choice
An agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries.
NAFTA
ASEAN
EU
- 15. Multiple Choice
The value of a nations currency in relation to a foreign currency.
Equilibrium Rate
Export Rate
Exchange Rate
Import Rate
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