It allows countries to specialize in the production of goods and services that they have a comparative advantage in.

It increases the overall efficiency of production.

It leads to lower prices for consumers.

All of the above.

The theory that countries should specialize in the production of goods and services that they have a lower absolute cost in.

The theory that countries should specialize in the production of goods and services that they have a higher absolute cost in.

The theory that countries should specialize in the production of goods and services that they have a comparative advantage in.

The theory that countries should specialize in the production of goods and services that they have a comparative disadvantage in.

A tax on imported goods.

A tax on exported goods.

A tax on both imported and exported goods.

None of the above.

They increase the price of imported goods.

They reduce the quantity of imported goods.

They increase the revenue of the government.

All of the above.

The policy of using tariffs and other trade restrictions to protect domestic industries from foreign competition.

The policy of using tariffs and other trade restrictions to promote free trade.

The policy of using tariffs and other trade restrictions to increase the revenue of the government.

None of the above.

It protects domestic jobs.

It prevents foreign companies from taking advantage of lower wages and environmental standards in other countries.

It helps to develop new industries.

All of the above.

It raises prices for consumers.

It reduces the efficiency of production.

It leads to retaliation from other countries.

All of the above.

Ad valorem tariff

Specific tariff

Compound tariff

Variable tariff

A tax that is levied as a percentage of the value of the imported goods.

A tax that is levied as a fixed amount per unit of the imported goods.

A tax that is levied as a combination of an ad valorem tariff and a specific tariff.

A tax that is levied as a variable amount per unit of the imported goods.

A tax that is levied as a percentage of the value of the imported goods.

A tax that is levied as a fixed amount per unit of the imported goods.

A tax that is levied as a combination of an ad valorem tariff and a specific tariff.

A tax that is levied as a variable amount per unit of the imported goods.

A tax that is levied as a percentage of the value of the imported goods.

A tax that is levied as a fixed amount per unit of the imported goods.

A tax that is levied as a combination of an ad valorem tariff and a specific tariff.

A tax that is levied as a variable amount per unit of the imported goods.

An international organization that regulates trade between countries.

An international organization that promotes free trade between countries.

An international organization that resolves trade disputes between countries.

All of the above.

To regulate trade between countries.

To promote free trade between countries.

To resolve trade disputes between countries.

To all of the above.

Non-discrimination

Transparency

Most-favored-nation treatment

National treatment

All of the above.

The General Agreement on Tariffs and Trade (GATT)

The Agreement on Agriculture

The Agreement on Textiles and Clothing

The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)

All of the above.