5. Key termsSelect the correct term for each of the following definitions.DefinitionA tax on an importThe ability of a country to produce a good at a lower opportunity cost than another countryThe ability of a country to produce a good using fewer resources than another countryA limit on the quantity of a good that may be imported in a given time periodSelect the correct acronym for each trade agreement or organization as follows.Description :An organization of 21 Pacific Rim nations subject to a nonbinding agreement to reduce trade barriersbetween membersThe regional free trade agreement among the United States, Canada, and MexicoAn organization of 27 nations dedicated to removing all trade barriers within EuropeTermTrade Agreement or Organization.

Note: As per bartleby guidelines in case multiple questions are asked by the students then the…

Select the correct term for each of the following definitions. Definition A tax on an import The ability of a country to produce a good at a lower opportunity cost than another country The ability of a country to produce a good using fewer resources than another country A limit on the quantity of a good that may be imported in a given time period Term

Select the correct term for each of the following definitions. Definition A tax on an import The ability of a country to produce a good at a lower opportunity cost than another country The ability of a country to produce a good using fewer resources than another country A limit on the quantity of a good that may be imported in a given time period Term