Absolute and Comparative Advantage

A tax placed on imported goods.

• tariffs

• quotas

• embargos

• standards

A limit to the quantity of a good imported into a country.

• tariff

• subsidies

• quota

• standards

A complete ban on trade between two countries.

• standard

• subsidies

• tariffs

• Embargo

The requirements that a good must meet beofre it can enter a country.

• tariffs

• standards

• subsidies

• quotas

Government payments trasnferred to exporting companies allowing companies to compete with other nations at the international market price without havinh to incur the costs associated with selling at the lower price.

• subsidies

• Embargo

• tariff

• Quota

Which worker has an absolute advantage in the production of salads?

Which worker has an absolute advantage in the production of pizzas?

Which worker has a comparative advantage in producing salads?

Which worker has a comparative advantage in producing pizzas?