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Questions and Answers
Which term describes a situation when a country can produce and sell a product at a lower cost than any other country or when it is the only country that can produce the product?
Which term describes a situation when a country can produce and sell a product at a lower cost than any other country or when it is the only country that can produce the product?
- Monopoly
- Comparative advantage (correct)
- Tariff
- Trade barrier
What is the term for a situation where a country has the exclusive control over the production and distribution of a certain product?
What is the term for a situation where a country has the exclusive control over the production and distribution of a certain product?
- Monopoly (correct)
- Subsidy
- Protectionism
- Oligopoly
Which term refers to the barriers imposed by a country to restrict or limit the import of goods from other countries?
Which term refers to the barriers imposed by a country to restrict or limit the import of goods from other countries?
- Sanction
- Trade deficit
- Embargo
- Tariff (correct)
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