International Trade

Front

Nations conduct international trade because resources are not equally distributed among all nations.

Back

resources are not equally distributed among all nations.

Front

Protectionists justify high tariffs because they

Back

help the balance of payments.

Front

The process of banning the imports of certain goods because of economics, social and politics is known as

Back

Embargo.

Front

Which of the following is NOT an example of hidden trade protectionism?
tariffs,
trade licenses,
special regulations,
extensive trade procedures

Back

tariffs

Front

The producer that can produce the most output compared to any other nation.

Back

Absolute Advantage

Front

The U.S. can produce 1,000 iPads or 20 cars. China can produce 1,800 iPads or 10 cars. Who should produce what?

Back

U.S. - car
China - iPad

Front

The _____ is a trade agreement between Canada, Mexico, and the U.S.

Back

USMCA

Front

This trade barrier limits the number of products that can be brought into a country.

Back

Quota

Front

Infant industries can be helped in the world market by giving those industries a(n)

Back

subsidy.

Front

________ is the ability to produce a good at a lower opportunity cost than another producer.

Back

Comparative Advantage