AnswersOC27 Economics-2102310-Sem-MeadowsInternational Trade

Globalization Answers

0 verified answers
1
Free Preview

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

A
absolute advantage.
B
globalization.
C
dependency.
D
specialization.
2
Free Preview

How does specialization enable countries to trade with one another?

A
A country can make and sell goods affordably and buy goods that it is inefficient at making.
B
A country can make what it chooses and sell its goods to other countries.
C
A country can decide to buy everything it needs from other countries.
D
A country can efficiently make goods that were once difficult to make.
3

Which region specializes in diamonds?

A
Central America
B
Middle East
C
Europe
D
Sub-Saharan Africa
4

Why do most countries both export and import goods?

A
to eliminate competition from other economies
B
to decrease the production of goods domestically
C
to rely entirely on foreign economies
D
to get a good mix of goods and services
5

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

A
a country that has little fertile soil
B
a country that has no imports
C
a country with grain surpluses
D
a country with a diverse economy
6

Which statement best describes how globalization is affecting the world?

A
Globalization is growing less important as time passes.
B
The world is becoming more globalized and connected.
C
Globalization has resulted in fewer connections among countries.
D
Countries are growing less likely to trade with one another.
7

What role does competition play in international trade?

A
It results in higher prices.
B
It discourages imports.
C
It drives down prices for consumers.
D
It does away with the need for investment.
8

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

A
It must import most of its food from Japan.
B
It produces food more efficiently than Japan.
C
It produces food at a higher cost than Japan.
D
It must export most of its food to Japan.
9

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

A
electronics
B
bananas
C
manufactured goods
D
oil
10

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

A
Europe
B
Central America
C
Middle East
D
Asia

Did you find these answers helpful?

More from this Course

Quiz
10 verified answers

International Trade

Quiz
10 verified answers

Trade Barriers

Quiz
10 verified answers

Trade Barriers

Globalization Answers — OC27…