MATCHING
Complete the following using the terms listed.
-A(n)_____ is a foreign-made product or service purchased by domestic consumers.
A)embargo
B)balance of trade
C)joint venture
D)dumping
E)import
F)tariff
G)International Monetary Fund
H)World Trade Organization
I)multinational corporation (MNC)
J)devaluation
K)exchange rate
L)absolute advantage
M)trade surplus
N)quota
O)World Bank
P)balance of payments
Q)comparative advantage

Question

Quizplus · Accepted Answer

An import is a foreign-made product or service purchased by domestic consumers.

Answer: F
 A tariff is a tax on imported goods or services.

Answer: I
 A multinational corporation (MNC) is a business that operates in multiple countries, with production or service facilities outside of its home country.

Answer: M
 A trade surplus occurs when a country exports more goods and services than it imports.

Answer: N
 A quota is a limit placed on the amount of a particular good that can be imported into a country.

Answer: P
 The balance of payments is a record of a country's economic transactions with other countries, including exports, imports, and financial transactions.

Answer: Q
 Comparative advantage refers to a country's ability to produce a particular good or service at a lower opportunity cost than another country.

MATCHING Complete the Following Using the Terms Listed