International Trade Webquest

Introduction

Learning Target

- The learner will be able to define trade barriers.

- The learner will be able to interpret exchange rules.

 

Task

1.  What are the reasons for international trade?

 

2. What are imports?

 

3. What is absolute advantage?

 

4. What is a trade surplus?

 

5. What is a trade deficit? 

 

6. What is the purpose of a trade barrier?

 

7. Define protectionism.

 

8. What is a free trade zone?

 

9. What is the purpose of NAFTA?

 

10. What is the effect on the U.S. when its dollar strengthens?

 

11. What is a subsidy?

 

12. Define mercantilism.

 

13. If a country exports the good that it can produce at a low opportunity cost and imports those goods that it would otherwise produce at a high opportunity cost, we say that such trade is based upon:

a.Absolute advantage.

b.Specialization

c.Labor productivity differences.

d.Comparative advantage.

 

14. Who is harmed by a trade embargo?

a.Only the target country.


b.Only the country that initiates the embargo.


c.Both the target country and the country initiating the embargo.


d.The target country and those countries that did not join the embargo.

 

15. List 3 reasons why countries trade.