AnswersIL-EconomicsInternational Trade

International Trade Answers

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21
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Which region specializes in diamonds?

A
Central America
B
Middle East
C
Europe
D
Sub-Saharan Africa
22
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Which region is most likely to export bananas to the United States?

A
Europe
B
Central America
C
Middle East
D
Asia
23

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.
24

In regard to trade, the United States

A
imports goods and services only.
B
exports goods and services only.
C
does not import or export goods and services.
D
imports and exports goods and services.
25

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

A
a country that imports all its oil
B
a country that imports all of its luxury goods
C
a country that licenses some television shows
D
a country that has some international businesses
26

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

A
an import advantage.
B
an export advantage.
C
a comparative advantage.
D
an absolute advantage.
27

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.

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