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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