Econ Topic 10 Quiz

A good or service sent to another country for sale is called _______.

• Export

• Import

• Tariff

• Quota

A good or service brought in from another country for sale is called _______.

• Import

• Export

• Tariff

• Quota

The ability to produce more of a given product based on resources available is called _______.

• Absolute Advantage

• Comparative Advantage

• Opportunity Cost

• Scarcity

The ability to produce a product most efficiently is called _______.

• Comparative Advantage

• Absolute Disadvantage

• Marginal Utility

• Opportunity Cost

The principle that a nation is better off when it produces goods when it has a comparative advantage is called the _______.

• Law of Comparative Advantage

• Law of Absolute Advantage

• Law of Supply and Demand

• Law of Diminishing Returns

The shared need of countries for resources, goods, services, and labor is called _______.

• Interdependence

• Isolationism

• Autarky

• Sovereignty

A way of preventing a foreign product from entering a nation’s territory is called a _______.

• Trade Barrier

• Export Subsidy

• Free Trade Agreement

• Import License

A tax on imported goods is called a _______.

• Tariff

• Quota

• Subsidy

• Embargo

The use of trade barriers to shield domestic industries from foreign competition is called _______.

• Protectionism

• Globalization

• Liberalization

• Free trade

A ban on trade with a foreign country is called an _______.

• Embargo

• Tariff

• Quota

• Subsidy