What is comparative advantage?

producing at the lowest opportunity cost

What is globalization?

Countries interacting all over the world to create products

What is absolute advantage?

producing more goods than some other producer

Trade without tariffs or additional costs

What is interdependence?

When countries depend on each other

What does NAFTA stand for?

North America Free Trade Agreement

What is a favorable balance of trade?

When you export more than you import

What is opportunity cost?

This is used to determine comparative advantage, what you give up to make one product instead of another

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Globalization Review

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Questions 15

Answers

1
What is comparative advantage?
producing nothing at all
producing at the lowest opportunity cost
making everything the fastest
producing at the highest opportunity cost
2
What is an embargo?
A ban on tricks
A ban on bargos
A ban on elephants
A ban on trade
3
What is globalization?
Countries interacting all over the world to create products
Countries being isolated
A religion
Working with only people close to you
4
What is outsourcing?
Moving jobs to another country
Never trusting other people with jobs
Keep jobs all in one place
Not sure
5
What is an export?
No idea
Items going into a country
Items going out of a country
Items made for free
6
What is an import?
No idea
Items going out of a country
Items made in multiple countries
Items coming into a country
7
What do people produce
No clue
Goods and Services
Snakes and ladders
Goats and Syrup
8
What is absolute advantage?
producing no goods
producing more goods than some other producer
producing less goods than some other producer
producing the same goods as another producer
9
What type of Free Trade agreement is NAFTA
Bilateral
Multilateral
Unilateral
Trilateral
10
What is free trade?
Trading with only one other country
Not trading at all
Trade without tariffs or additional costs
Trading with an extra cost
11
What is interdependence?
When countries grow their own food
When countries do not participate in trade
When countries isolate themselves
When countries depend on each other
12
What does NAFTA stand for?
North America Free Trade Agreement
Never Announce Free Trade Agreement
North America Forced Trade Agreement
New America Forced Trade Agreement
13
What is a tariff?
Additional discount on a good
Additional tax on a good
Something that makes goods cheaper
Buy one get on free deal
14
What is a favorable balance of trade?
Never possible
No idea
When you export more than you import
When you import more than your export
15
What is opportunity cost?
When you have a great opportunity
I have no clue
This is used to determine comparative advantage
what you give up to make one product instead of another

Globalization Review Flashcards | StudBud