Econ Unit 6- International Trade review

Econ Unit 6- International Trade review

Assessment

Flashcard

Social Studies

12th Grade

Hard

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16 questions

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1.

FLASHCARD QUESTION

Front

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

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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