International Trade

Question 1

Which option best explains why countries trade with each other?

Revolt · Accepted Answer

D: to obtain goods they cannot produce efficiently

Question 2

Why do countries specialize? Check all that apply.to produce more of certain goods and services in a more efficient wayto trade with one another for goods or services they cannot provide on their ownto remain independent without having to rely on others for goods or servicesto produce more goods and services, and to contribute to greater global prosperity

Revolt · Accepted Answer

A: to produce more of certain goods and services in a more efficient way; B: to trade with one another for goods or services they cannot provide on their own; D: to produce more goods and services, and to contribute to greater global prosperity

Question 3

Comparative advantage means the ability to produce a good or service

Revolt · Accepted Answer

B: with a lower opportunity cost than another country.

Question 4

Which phrase best defines the term “opportunity cost”?

Revolt · Accepted Answer

B: what a country gives up when it chooses to produce a good or service

Question 5

Jamal and Keisha are considering entering into an agreement to trade tasks.How can specialization of labor benefit Jamal and Keisha? Check all that apply.

Revolt · Accepted Answer

B: Keisha can specialize in washing cars, because she has the comparative advantage.; C: Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.; E: Specialization allows them to earn more money.

Question 6

✔ Country ACountry Bneither country

Revolt · Accepted Answer

A: ✔ Country A

Question 7

Question 7

Revolt · Accepted Answer

⇒ 8, eight: 30077; ⇒ 8, eight: 8, eight

Question 8

The opportunity costs are shown in parentheses in the table.

Revolt · Accepted Answer

A: ✔ Country A

Question 9

How can the law of comparative advantage be applied to Country A and Country B?

Revolt · Accepted Answer

D: Country A should produce petroleum, and Country B should produce seafood.

Question 10

Question 10

Revolt · Accepted Answer

⇒ 32, thirty-two, thirtytwo, thirty two: 30123; ⇒ 16, sixteen: 16, sixteen

International Trade Answers

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