International Trade

Question 1

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

Revolt · Accepted Answer

specialization.

Question 2

Why do most countries both export and import goods?

Revolt · Accepted Answer

to get a good mix of goods and services

Question 3

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

Revolt · Accepted Answer

an absolute advantage.

Question 4

Which situation might cause a country to specialize?

Revolt · Accepted Answer

wheat production in a region with fertile soil

Question 5

The table compares two countries and two products.

Revolt · Accepted Answer

focus on the petroleum industry only

Question 6

In regard to trade, the United States

Revolt · Accepted Answer

imports and exports goods and services.

Question 7

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

Revolt · Accepted Answer

oil

Question 8

Which statement best describes how globalization is affecting the world?

Revolt · Accepted Answer

The world is becoming more globalized and connected.

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

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

Revolt · Accepted Answer

a country that has little fertile soil

International Trade Answers

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