International Trade - Economics, Growth & Development

Import quota is a _____ limit on the imported quantity that is produced abroad.

When tariffs are introduced, what happens to producer surplus?

Which of the following are goods included among top U.S. exports?

Trade is based on ______, not ______.

How is consumer surplus affected by imports when free trade is allowed?

Which of the following has helped to increase international trade?

International trade exists because ______.

What happens when a country exports a good?

So ______ has a comparative advantage in producing ______.

Using tariffs to generate government revenue is most common among ________.

Economies of scale based intra-industry trade models are primarily drive by ______.

What is the North American Free Trade Agreement?

Producer surplus refers to the difference between ______ and ______.

Due to a nation's weak currency, people may have to fall back on __________.

When a country or region can produce a good or service at a lower opportunity cost than others, economists say it ______.

Import quotas ______ consumer surplus.

Efforts by producers to gain profits from government protections such as tariffs and import quotas is called rent seeking.

The largest percentage of goods imported into the United States come from ______.

English economist David Ricardo is remembered for developing which theory?

A country with few international trading partners is called ______.

A footwear company can make either 100 shoes per hour or 200 sandals per hour. What is the opportunity cost of making sandals for two hours?

A tax on imports is called ______.