Virtual AR- Module 13 Review Question Preview (ID: 27203)
Trade.
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One country has an advantage over another causing_______ to occur.
a) exchanges
b) trading
c) wars
d)
___________ countries using have a higher education.
a) Western
b) Eastern
c)
d)
_____________ is when a particular country produces items with the lowest opportunity cost.
a) Comparative Advantage
b) Absolute Advantage
c)
d)
An ______ is when one country has the ability to produce more of a product using the same amount of resources.
a) Comparative Advantage
b) Absolute Advantage
c)
d)
True or False: The first barrier to trade is the government.
a) True
b) False
c)
d)
True or False: The balance between imports and globalization is called the balance of trad
a) True
b) False
c)
d)
NAFTA represents what?
a) North American Free Trade Agreement
b) North Atlantic Fighting Together Always
c) North American Fighting Tomorrow Agreement
d)
What is it when limit on the amount of a specific good that can be imported?
a) trade barrier
b) import quota
c) total amount
d)
The cooperation between two or more countries that reduce trade barriers and tariffs to encourage trade between members is called?
a) WTO
b) NAFTA
c) international trade agreement
d)
True or False: Globalization is governments, businesses, and people interact.
a) True
b) False
c)
d)
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