Specialization and Trade

Question 1

What are embargoes and tariffs examples of?

Accepted Answer

Political trade barriers

Question 2

Which of the following best explains why businesses try to sell a good product at a low price?

Accepted Answer

Competition

Question 3

Oil, Land, and Water are examples of...

Accepted Answer

Natural Resources

Question 4

If countries want to stop people from importing goods, they can place a tax on imports - called

Accepted Answer

Tariff

Question 5

Last year, rubber bracelets were very popular, but now they are not. How will prices change?

Accepted Answer

Go down

Question 6

Why might two civilizations decide to trade with each other?

Accepted Answer

Each has a comparative advantage in one skill or resource

Question 7

When an individual living in one area buys a good that some one brought in from another area

Accepted Answer

Import

Question 8

When the United States decide to end tariffs on Indian textiles, India benefits from

Accepted Answer

free trade

Question 9

A trade balance is favorable when?

Accepted Answer

Exports are greater than imports

Question 10

Certain taxes interfere with trade because they raise prices What are these taxes called?

Accepted Answer

tariffs

Question 11

There was a drought this year and half the expected corn was harvested. How will prices change?

Accepted Answer

Go Up

Question 12

The two types of trade barriers are

Accepted Answer

Natural and human-made

Question 13

What does a quota limit?

Accepted Answer

amount

Question 14

To exchange goods or services without the use of money

Accepted Answer

barter

Question 15

Everyone in this picture is doing a different job. That's an example of...

Accepted Answer

Labor Specialization

Questions 15