AnswersOC27 Economics-2102310-Sem-MeadowsInternational Trade

International Trade Answers

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1
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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?

A
them both sharing each task equally
B
John mowing the lawn and Dan cleaning their room
C
Dan mowing the lawn and John cleaning their room
D
Dan doing both tasks
2
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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.
3

Which situation might cause a country to specialize?

A
bananas grown far from major transportation
B
seafood in an area with few fishing vessels
C
electronics in a city with few trained workers
D
wheat production in a region with fertile soil
4

Which region specializes in diamonds?

A
Central America
B
Middle East
C
Europe
D
Sub-Saharan Africa
5

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
6

The table compares two countries and two products.

Question illustration
A
focus both on its petroleum and seafood industries
B
focus on the seafood industry only
C
focus on the petroleum industry only
D
decide to find another industry to focus on
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

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.
9

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

A
electronics
B
bananas
C
manufactured goods
D
oil
10

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

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