Answers EAP-Virginia and US Government BProblem Solving in Social Studies

Currencies and Exchange Rates Answers

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A company in Maine sends lobsters to France. What is Maine doing? Select three options. importing productspracticing international tradeexporting productsparticipating in globalizationending their specialization

importing products

practicing international trade

exporting products

participating in globalization

ending their specialization

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Which situation might cause a country to specialize?

bananas grown far from major transportation

seafood in an area with few fishing vessels

electronics in a city with few trained workers

wheat production in a region with fertile soil

Which is an example of a country that is overly dependent on another country for critical goods and services?

a country that imports all its oil

a country that imports all of its luxury goods

a country that licenses some television shows

a country that has some international businesses

The Middle East is best associated with which internationally traded product?

electronics

bananas

manufactured goods

oil

Which region specializes in diamonds?

Central America

Middle East

Europe

Sub-Saharan Africa

What is the benefit in reaching the absolute advantage in the production of one good?

to produce more units of a good than other countries

to produce fewer units of a good than other countries

to produce more units of a good while using fewer resources

to produce fewer units of a good while using fewer resources

In regard to trade, the United States

imports goods and services only.

exports goods and services only.

does not import or export goods and services.

imports and exports goods and services.

What role does competition play in international trade?

It results in higher prices.

It discourages imports.

It drives down prices for consumers.

It does away with the need for investment.

What kind of advantage does a country have if it can make a product more efficiently?

an import advantage.

an export advantage.

a comparative advantage.

an absolute advantage.

How does specialization enable countries to trade with one another?

A country can make and sell goods affordably and buy goods that it is inefficient at making.

A country can make what it chooses and sell its goods to other countries.

A country can decide to buy everything it needs from other countries.

A country can efficiently make goods that were once difficult to make.

A country with an absolute advantage can produce a good or service

more slowly than another country.

more efficiently than another country.

less efficiently than another country.

in twice the time as another country.

Why do most countries both export and import goods?

to eliminate competition from other economies

to decrease the production of goods domestically

to rely entirely on foreign economies

to get a good mix of goods and services

Which region is most likely to export bananas to the United States?

Europe

Central America

Middle East

Asia

It takes brothers John and Dan the same amount of time to clean the room they share, but John can mow the lawn faster than Dan. Which action would allow them to take advantage of their respective comparative advantages?

them both sharing each task equally

John mowing the lawn and Dan cleaning their room

Dan mowing the lawn and John cleaning their room

Dan doing both tasks

Which situation is the best example of opportunity cost?

A country chooses to produce bananas instead of wheat.

A country chooses to invest in manufacturing and agriculture.

A country chooses to specialize in producing paper products.

A country chooses to export all of its products.

Which is the best example of a country that is dependent on other countries?

a country that has little fertile soil

a country that has no imports

a country with grain surpluses

a country with a diverse economy

Which statement best describes how globalization is affecting the world?

Globalization is growing less important as time passes.

The world is becoming more globalized and connected.

Globalization has resulted in fewer connections among countries.

Countries are growing less likely to trade with one another.

The United States is said to have an absolute advantage in producing food compared with Japan. What does that mean?

It must import most of its food from Japan.

It produces food more efficiently than Japan.

It produces food at a higher cost than Japan.

It must export most of its food to Japan.

When a country chooses to limit the kinds of goods or services it produces, it is practicing

absolute advantage.

globalization.

dependency.

specialization.

The table compares two countries and two products.

focus both on its petroleum and seafood industries

focus on the seafood industry only

focus on the petroleum industry only

decide to find another industry to focus on

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