Use the Following to Answer Questions

question 199

Multiple Choice

Use the following to answer questions :
-(Table: Production Possibilities for the United States and Canada) Look at the table Production Possibilities for the United States and Canada. _____ has (have) an absolute advantage in producing lumber.

• A)Both the United States and Canada
• B)Neither the United States nor Canada
• C)The United States
• D)Canada

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Definitions:

Exports

Merchandise or services dispatched to a different country for the sake of trade or sales.

Imports

Goods and services bought by a country from other countries.

NAFTA

The North American Free Trade Agreement (NAFTA) was a treaty among the United States, Canada, and Mexico that eliminated most tariffs and trade barriers between the countries, in effect from 1994 to 2020.

Trade Deficit

A scenario in which a nation's expenditure on imported goods and services surpasses its revenue from exports, resulting in a greater outflow of money than inflow.