________ and trade allows both countries to move beyond the confines of their production possibilities.
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tariff
A(n) ________ is a tax on imported goods or services.
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Exports
________: Goods or services produced domestically but sold abroad.
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Protectionism
________ is the limiting of free trade between countries by using tariffs, quotas, or other regulations.
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Imports of goods
________ and services generate an increase in supply and lower prices for consumers but at the same time cause a decrease in quantity supplied and lower prices for domestic producers.
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Imports
________: Goods or services produced abroad but sold domestically.
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Trade surplus
________ is when a countrys level of exports exceeds its level it imports.
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quota
A(n) ________ is a restriction on the quantity of a good that can be imported into a country.
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Rapid increases
________ in technology have decreased the costs of transporting goods and services and have resulted in increased international trade and globalization in the world.
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WTO
The ________ acts as the official arbiter of trade disputes between countries and is the negotiator and administrator of WTO trade agreements ratified by its members.
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International trade
________ can generate costs for workers and firms who do not have comparative advantage in production.
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Flashcard (34)