1
A country that can produce things the most efficient, has what type advantage?
Absolute Advantage
A tax that is added to imports that is attempt to penalize a countries political behavior.
Punitive Tariffs
What is it called when a country limits how much of a product they will export to another country?
Voluntary Export Restraint
Taxes added to an import is called what?
A student from a different country pays tuition to attend college in the United States. Is this considered an import or an export?
Export
What does acronym USMCA stand for?
United States, Mexico, Canada
Who are the United State's top 3 trading partners?
China, Canada and Mexico
Limiting the amount of a products a country can import into the United States is called what?
Import Quota
A country that can produce a product at a lower opportunity cost would have what type of advantage?
Comparative Advantage
What is Differentiated Products
Same product, different characteristics.
Which of these would be a capital good?
- School bus sold to a school district
- Shoes sold at a Nike store
- Machinery sold to a factory
- IPhone sold at an Apple store
Machinery sold to a factory
USMCA agreement is what?
Trade agreement between the United States, Mexico and Canada
Who pays the Tariff?
The retailer
Which form of protectionism is used to influence other countries political decisions.
Embargo
Which type of Tariff is used to assure the success of a domestic market?
Protective Tariff