International Trade Answers

10 verified answers
3

Which situation is the best example of opportunity cost?

A
A country chooses to produce bananas instead of wheat.
B
A country chooses to invest in manufacturing and agriculture.
C
A country chooses to specialize in producing paper products.
D
A country chooses to export all of its products.
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
6

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
7

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.
8

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
9

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.
10

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.

Did you find these answers helpful?