Globalization

Question 1

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

Revolt · Accepted Answer

to produce more units of a good while using fewer resources

Question 2

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

Revolt · Accepted Answer

an absolute advantage.

Question 3

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

Revolt · Accepted Answer

It produces food more efficiently than Japan.

Question 4

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

Revolt · Accepted Answer

oil

Question 5

Which region specializes in diamonds?

Revolt · Accepted Answer

Sub-Saharan Africa

Question 6

What role does competition play in international trade?

Revolt · Accepted Answer

It drives down prices for consumers.

Question 7

Why do most countries both export and import goods?

Revolt · Accepted Answer

to get a good mix of goods and services

Question 8

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

Revolt · Accepted Answer

more efficiently than another country.

Question 9

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?

Revolt · Accepted Answer

John mowing the lawn and Dan cleaning their room

Question 10

In regard to trade, the United States

Revolt · Accepted Answer

imports and exports goods and services.

Globalization Answers

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