Goods and services that a country produces and sells to other countries

Econ Unit 6- International Trade review

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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16 questions
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1.
FLASHCARD QUESTION
Front
Back
exports
2.
FLASHCARD QUESTION
Front
A key to trading is specialization. Which of the following is an incorrect association between a country and what they specialize in producing? Saudi Arabia- oil, Honduras- bananas, Japan- electronic devices, All the above are correct associations between a country and what they specialize in producing.
Back
All the above are correct associations between a country and what they specialize in producing.
3.
FLASHCARD QUESTION
Front
Country's ability to produce more of a given product than another country can
Back
absolute advantage
4.
FLASHCARD QUESTION
Front
When a country can produce a product at a lower opportunity cost than another country
Back
comparative advantage
5.
FLASHCARD QUESTION
Front
barrier to trade that places a tax on imports
Back
tariff
6.
FLASHCARD QUESTION
Front
barrier to trade that limits the amount of goods or services that can be imported
Back
quota
7.
FLASHCARD QUESTION
Front
government payment to a domestic producer to encourage or protect a certain economic activity
Back
subsidy
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