Chapter 37 International trade

To focus on producing one thing to improve productivity is known as:

• Specialization

• International trade

• Absolute Advantage

• Supply and Demand

When determining comparative advantage one must determine 

• 
  Embargos

• Specialization

• 
  Absolute Advantage

• 
  Opportunity cost

If I am better at all types of production, I have the ______ in all forms of production.

• Comparative advantage

• Specialization

• Absolute advantage

• 
  developed nation

Countries trade goods because no country has all the __________________ necessary to efficiently produce everything its people need.

If nations limit international trade in of clothing who will benefit...

• 
  Domestic Consumers of clothing

• Domestic producers of clothing

• Foreign Producers of clothing

• 
  Department stores who sell clothing

Not trading with nations who create products using child labor is used in the argument for

• Domestic Jobs

• National Defense

• Human Rights

• Environment 

A major cost of freer trade from poor nations is that they will

• 
  get cheaper stuff

• get more stuff

• get environmental damage

• greater variety of stuff

The limitations for free trade are facing transportation cost and ____________ of scale.

Who will be hurt if no US medicine is imported into North Korea because there is no international trade?

• US medical companies

• North Korea's government revenue

• 
  Sick patient in US 

• Sick patient in North Korea

Developed nations have all of the following except...

• better education

• high levels of technology

• better health

• higher populations