AnswersOC27 Economics-2102310-Sem-MeadowsInternational Trade

International Trade Answers

5 verified answers
1
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A country with an absolute advantage can produce a good or service

A
more slowly than another country.
B
more efficiently than another country.
C
less efficiently than another country.
D
in twice the time as another country.
2
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What is the benefit in reaching the absolute advantage in the production of one good?

A
to produce more units of a good than other countries
B
to produce fewer units of a good than other countries
C
to produce more units of a good while using fewer resources
D
to produce fewer units of a good while using fewer resources
3

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

A
electronics
B
bananas
C
manufactured goods
D
oil
4

The United States is said to have an absolute advantage in producing food compared with Japan. What does that mean?

A
It must import most of its food from Japan.
B
It produces food more efficiently than Japan.
C
It produces food at a higher cost than Japan.
D
It must export most of its food to Japan.
5

Which region specializes in diamonds?

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

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