1) Comparative advantage is... a) the ability to produce something more efficiently than someone else. b) the ability to produce something at a lower opportunity cost than someone else. c) focusing production on the things that a country makes best. 2) A quota is... a) refusing to trade with other nations. b) the maximum number that can be imported of a specific good. 3) An embargo is... a) refusing to trade with other nations. b) the maximum number that can be imported of a specific good. c) a government policy of refusing to trade with other nations. 4) Trade barriers are... a) large walls around factories. b) any government policies that hinder or restrict trade. c) examples of trade barriers. 5) The term dumping refers to... a) selling a product in a country for less money than domestic products can be sold for. b) focusing production on the things that a country makes best. 6) Specialization is... a) the ability to produce something more efficiently than someone else. b) the ability to produce something at a lower opportunity cost than someone else. c) what you have to give up in order to get or produce something else. d) focusing production on the things that a country makes best. 7) Absolute advantage is... a) the ability to produce something more efficiently than someone else. b) the ability to produce something at a lower opportunity cost than someone else. c) what you have to give up in order to get or produce something else. d) focusing production on the things that a country makes best. 8) Opportunity cost is... a) the ability to produce something more efficiently than someone else. b) the ability to produce something at a lower opportunity cost than someone else. c) what you have to give up in order to get or produce something else. d) focusing production on the things that a country makes best. 9) Imports are... a) goods produced outside of a country’s borders which are then brought into that country. b) goods produced inside of a country’s borders which are sold to buyers in other countries. 10) Exports are... a) goods produced outside of a country’s borders which are then brought into that country. b) goods produced inside of a country’s borders which are sold to buyers in other countries. 11) Standards are... a) government regulations on products that may make importing them more expensive. b) goods sent to one country from another country. 12) Subsidies are... a) government payments to individuals, businesses, or other groups to encourage or protect certain types of economic activities. b) government regulations on products that may make importing them more expensive. 13) GDP stands for... a) Government Directed Policy b) Giving Double Payments c) Gross Domestic Product 14) Protectionists are people who... a) support trade restrictions to favor domestic industries. b) support free trade with little or no restrictions. 15) Free traders are people who... a) support trade restrictions to favor domestic industries. b) support free trade with little or no restrictions. 16) The WTO... a) stands for the World Trade Organization. b) made up of member countries that agree to remove barriers to trade. c) is a trade agreement between the U.S., Canada and Mexico. 17) The NAFTA... a) stands for the North American Free trade agreement. b) made up of 164 member countries that agree to remove barriers to trade. c) is a trade agreement between the U.S., Canada and Mexico. 18) A sweatshop is... a) a factory or workshop where laborers are employed at very low wages for long hours and under poor working conditions. b) associated mainly with the clothing industry in developing countries. 19) Globalization is... a) the growth in international exchange of goods, services, and capital, and the increasing levels of integration that characterize economic activity. b) the shift from local, regional, or national markets for goods and services to a global marketplace. c) the trend toward greater economic, cultural , political, and technological interdependence among national institutions and economies. d) the return of making and buying only those things Made In America. 20) A living wage is... a) the minimum hourly wage necessary for an individual to meet their basic needs. b) different depending on where one lives. 21) Outsourcing is when... a) a company hires an outside firm to provide some non-core business function to lower operating costs. b) a business moves all of its operations back to America. 22)   A revenue tariff is... a) a tax on imported goods that allows for importing while creating revenue for the government. b) a tax on imported goods that is so high that it makes it too expensive to import. 23)   A protective tariff is... a) a tax on imported goods that is so high that it makes it too expensive to import. b) a tax on imported goods that allows for importing while creating revenue for the government. c) protection for domestic industries by making cheaper foreign goods about as expensive as those produced at home. 24) Exporting American culture means... a) that through trade with other nations, American culture is affecting other nations. b) that foreign culture influences businesses in the U.S. 25) A multinational corporation is... a) a business that manages production or provides services in more than one country. b) any business that does all of its business in a single country. 26) The Smoot Hawley tariff... a) was enacted in June 1930. b) added about 20% to U.S. import duties. c) raised the prices on imported agricultural products and manufactured goods. d) helped U.S. industry recover from the Great Depression. 27) A "big box" store... a) is a store that sells large, empty boxes. b) is a physically large retail business, usually part of a chain of stores. 28) A "mom and pop" store... a) is a small, family-owned, or independent business. b) usually struggles to compete on price with big box stores that sell similar products.  c) generally has lower prices on the same or similar products than big box stores. 29) A trade deficit is... a) when a country imports more than it exports. b) when a country exports more than it imports. 30) A trade surplus is... a) when a country imports more than it exports. b) when a country exports more than it imports.

Globalization & International Trade

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