Marketing I - Chapter 4 Review 1: Question Preview (ID: 7478)

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Exchange of goods and services among nations.
a) Absolute Advantage b) Exports c) International Trade d) Infrastructure
Goods and services purchased from other countries.
a) Exports b) Selling c) Imports d) Balance of Trade
Goods and services sold to other countries
a) Imports b) Trade Deficit c) Exports d) Absolute Advantage
Occurs when a country has economic resources that allow it to produce a product at a lower unit cost than any other country.
a) Comparative Advantage b) Absolute Advantage c) Tarrifs d) Trade Deficit
When a country has an absolute advantage in more than one product.
a) Absolute Advantage b) Trade Surplus c) Comparative Advantage d) Protectionism
Who benefits from international trade?
a) Consumers and Workers b) Producers c) Nations d) All of the above
Difference in value between exports and imports
a) Balance of Trade b) Trade Surplus c) Trade Deficit d) International Trade
Imports > Exports
a) Protectionism b) Trade Surplus c) Trade Barrier d) Trade Deficit
Exports > Imports
a) Free Trade b) Trade Surplus c) Quota d) Trade Deficit
The following are trade barriers except:
a) Tarrifs b) Quotas c) Embargoes d) Free Trade
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