INTERNATIONAL ECONOMICS

Front

The ability of one person or nation to produce more of a good than another person or nation

Back

Absolute advantage

Front

A regional trade organization made up of European nations

Back

EU

Front

Agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the US

Back

NAFTA

Front

Limit of the amount of a good that can be imported

Back

Quota

Front

A good that is sent to another country for sale

Back

export

Front

When a nation imports more than it exports, economists say it has which of the following? A trade surplus, A balance of trade, A trade deficit, A national difference

Back

A trade deficit

Front

The US bans beef imports from Canada after a Mad Cow Disease outbreak there. This is an example of which type of barrier to trade? Options: Standards, Quota, Subsidy, Tariff

Back

Standards

Front

What is an official ban on trade or other commercial activity with a particular country?

Back

Embargo

Front

All of these restrict international trade EXCEPT: quotas, subsidies, embargoes, trade deficits

Back

trade deficits

Front

Which statement BEST reflects the difference between tariffs and quotas?

Back

Tariffs raise prices on imports, while quotas set limits on imports.