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Transcribed Image Text:5. Key terms
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
Select 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 barriers
between members
The regional free trade agreement among the United States, Canada, and Mexico
An organization of 27 nations dedicated to removing all trade barriers within Europe
Term
Trade Agreement or Organization.
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