• 1. 
    This trade barrier limits the number of products that can be brought into a country.

  • Tariff
  • Quota
  • Embargo
  • Subsidy
  • 2. 
    Underdeveloped nations tend to trade what type of goods

  • Low skill products
  • High tech goods
  • finished products
  • High skill products
  • 3. 
    If nations limit trade in of clothing who will benefit?

  • Domestic Consumers of clothing
  • Domestic producers of clothing
  • Foreign Producers of clothing
  • department stores who sell clothing
  • 4. 
    Tariffs and Quotas can benefit nations imposing them by...

  • Raising revenue
  • increasing variety of goods
  • lowering prices
  • increasing consumption
  • 5. 
    All of the following are terms used to describe limitations on trade except?

  • Trade Barriers
  • Sanctions
  • Trade restrictions
  • EU
  • 6. 
    Who will be hurt by a tariff on medicine coming into the US.

  • US medical companies
  • US government revenue
  • Sick people in US
  • 7. 
    The main justification for an embargo on foreign goods is to

  • Punish a nation
  • raise revenue
  • Increase consumption or the good
  • 8. 
    To focus on producing one thing to improve productivity is known as:

  • Specialization
  • International trade
  • Absolute Advantage
  • Supply and Demand
  • 9. 
    When determining comparative advantage one must determine

  • Opportunity cost
  • Specialization
  • Absolute Advantage
  • Embargos
  • 10. 
    This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.

  • tariff
  • quota
  • subsidy
  • embargo
  • 11. 
    This is a tax on imports that is used to increase price of foreign products and raise government revenue.

  • tariff
  • quota
  • subsidy
  • embargo
  • 12. 
    Infant industries can be helped in the world market by giving those industries a

  • subsidy
  • quota
  • embargo
  • tariff
  • 13. 
    A major cost of freer trade from poor nations is that they will

  • get cheaper stuff
  • they will get more stuff
  • environmental damage
  • greater variety of stuff
  • 14. 
    Not trading with nations who create products using child labor is used in the argument for

  • Domestic Jobs
  • National Defense
  • Human Rights
  • Environment
  • 15. 
    Developed nations have all of the following except

  • better education
  • high levels of technology
  • better health
  • higher populations
  • 16. 
    If I am better at all types of production, I have the ______ in all forms of production.

  • Comparative advantage
  • Specialization
  • Absolute advantage
  • developed nation
  • 17. 
    A trade agreement between 27 countries of with the same currency and open trade between those nations.

  • NAFTA
  • EU
  • WTO
  • ABC
  • 18. 
    Which of the following is not a benefit of trade between nations?

  • More stuff
  • Better stuff
  • cheaper stuff
  • similar stuff
  • 19. 
    A trade agreement between Canada, Mexico, and the US

  • NAFTA
  • EU
  • WTO
  • ABC
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