Econ Final 20

A trade deficit refers to a situation where:

Which country is the United States' largest trading partner in terms of volume of trade?

Which of the following product-groups is a leading export of the United States?

Which of the following products is a leading import of the United States?

The best example of a labor-intensive commodity is:

A natural-resource abundant nation would be expected to export a land-intensive commodity such as:

What other economic process tends to accompany international trade, for nations to benefit from such trade?

The slopes of the production possibilities curves for two nations reflect the:

The ratio at which nations will exchange one product for another is known as the:

Specialization and trade between individuals or between nations lead to:

In a two-nation world, comparative advantage means that one nation can produce:

The benefits to trading nations based on comparative advantage accrue from:

The principal concept behind comparative advantage is that a nation should:

A maximum limit set on the amounts of commodities that may be imported into a country in any period of time is a:

The "Buy American" campaign is equivalent to a(n):

A tariff is a:

An excise tax on imported commodities is known as a(n):

An excise tax that is applied to imported products which are not produced domestically is a(n):

A licensing requirement, or unreasonable standard pertaining to the product quality and safety for a product that is imported into a country, are examples of:

Which would best describe a protective tariff?

An example of a nontariff barrier would be:

If a nation agrees to set an upper limit on the total amount of a product that it exports to another nation, then this situation would be an example of:

The imposition of a tariff on a product is least likely to result in a(n):

Tariffs and quotas are costly to consumers because:

From an economic perspective, studies of the costs of trade barriers show that they:

Dumping is the sale of a product in a foreign market: