Chapter 12

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The United States generally has comparative advantage in the development of technology because it has _____.

a disproportionate share of the world's best research universities.

If a nation can produce a more computers per year than any other nation, that nation has a(n) ______ advantage in the production of computers.

absolute

A tariff is a tax imposed on _____ good.

an imported

An economy that does NOT trade with the rest of the world is a(n) _____.

closed economy

If a nation has the lowest opportunity cost of producing a good, that nation has a(n) ______ in the production of that good.

comparative advantage

In general, individuals and nations should specialize in producing those goods for which they have a(n) _____.

comparative advantage

Protectionism is the view that _____.

free trade is harmful and should be restricted.

The emergence of the English as the de facto world language _____ a comparative advantage in the production of books, movies, and popular music.

has given English-speaking countries

One means of enforcing a quota is to require importers to _____.

obtain a license

An economy that trades with the rest of the world is a(n) _____.

open economy

A legal limit on the quantity of a good that may be imported is called a(n) _____.

quota

The price at which goods or services is traded on international markets is called the _____ price.

world

The world price of a good is determined by _____.

worldwide demand and supply of that good


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