BBB4M

An import quota is a

• tax on import quantities above the legal limit.
• way to increase tariff revenues for the exporting country.
• legal limit on the amount of a good that can be imported into a country.
• legal incentive for members of WTO to increase their exports of a good or service.

What are tariffs?

• political boundaries between nations
• military blockades of specific countries
• disputes between state governments over boundaries
• taxes on the import or export of goods from a country

When one country refuses to trade with another country because of political or infringements of human rights it is called:

• standard of care
• subsidy
  subsidy
• embargo
• revenue tariff

refusing to buy, sell or use certain groups

• rebellion
• boycott
• tax
• rebellion

Why are most countries better off specializing in the production of particular goods, and then trading with other nations to obtain whatever else they need? 

• Transportation costs are lower than they were a century ago.
• Resources are not evenly distributed among countries.
• Greater investment of capital goods increases productivity.
• People have limited resources to satisfy unlimited wants. 

An import is a

• Good/service brought into a country
• Good/service sent to another country
• Good brought into a country

An export is a

• Good/service brought into a country
• Good/service sent to another country
• Good brought into a country

True or False: A trade barrier is something that blocks or hinders trade from happening?

• True
• False

When a country has the ability to produce a product at a lower opportunity cost than another country.

• Comparative Advantage
• Favorable Advantage
• Absolute Advantage
• Positive Net Export

When a country has the ability to produce more of a product relative to another country.

• Absolute Advantage
• Favorable Balance of Favorable Balance of Trade
• Positive Net Export
• Comparative Advantage