Benefits
Definitions
Current Events
Trade Org's
Advantage
100

Because each country can concentrate on producing the good in which it has a comparative advantage, total world production __________ (Rises or lowers), making a _____________ (Higher or Lower) standard of living in both nations.  

What is Rises & Higher 

100

Goods and services purchased from abroad and goods and services sold abroad 

What are Imports and Exports 

100

What is Brexit 

What is the withdrawal of Great Britain from the EU 

100

Who is the WTO

What is the World Trade Organization 

100

What advantage produces a good or service for a lower opportunity cost than other countries?

What is Comparative Advantage


200

Is the belief that when a country with high wages imports goods produced by workers who are paid low wages, hurts the standard of living of workers in the importing country TRUE OR FALSE 

 

What is FALSE

**Poor exporting countries would be much poorer than they are if they were not able to export goods

200

Reference to a situation in which a country does not trade with other countries 

What is Autarky 

200

How will Brexit affect the EU and Great Britain  

What is weaken Great Britain and weaken integration forces in EU 

200

The purpose of the WTO 

What is to help producers of goods and services, exporters, and importers conduct their business and to help trade flow smoothly, frets, fairly, and predictably.

200

True or False: China and other Asian countries are known to have an absolute advantage in manufacturing due to low labor cost.

True

300

How does international trade lower prices in the US?


What is companies can import inexpensive raw materials and consumers can purchase items at a lower world price 

300

When businesses hire people in another country to preform various tasks

What is Offshore Outsourcing 

300

What commodity will be affected by President Trump's sanctions on Iran?

What is Gas

300

Name 4 countries who are apart of the EU 

Great Britain, Germany, Italy, France, Sweden, Croatia, Poland, Spain, Denmark, Ireland, Austria, Portugal, Hungary, Greece. 

300

Whats the difference between comparative and absolute advantage?

Nations makes a product at a higher quality and faster rathe than another is absolute and comparative is one nation having a lower opportunity cost than another price good.

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