International Trade

Front

To focus on producing one thing to improve productivity is known as:

Back

Specialization

Front

When determining comparative advantage one must determine: Opportunity cost, Specialization, Absolute Advantage, Embargos

Back

Opportunity cost

Front

If I am better at all types of production, I have the ______ in all forms of production.

Back

Absolute advantage

Front

A trade agreement between Canada, Mexico, and the US

Back

NAFTA

Front

This trade barrier limits the number of products that can be brought into a country.

Back

Quota

Front

This is a tax on imports that is used to increase price of foreign products and raise government revenue.

Back

tariff

Front

This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.

Back

embargo

Front

If nations limit trade in clothing, who will benefit?

Back

Domestic producers of clothing

Front

Not trading with nations who create products using child labor is used in the argument for

Back

Human Rights

Front

A major cost of freer trade from poor nations is that they will

Back

environmental damage