AnswersIL-EconomicsInternational Trade

International Trade Answers

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1
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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
2
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A company in Maine sends lobsters to France. What is Maine doing? Select three options. importing productspracticing international tradeexporting productsparticipating in globalizationending their specialization

A
importing products
B
practicing international trade
C
exporting products
D
participating in globalization
E
ending their specialization
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
5

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

A
electronics
B
bananas
C
manufactured goods
D
oil
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.
11

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.
12

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.
13

A company in Maine sends lobsters to France. What is Maine doing? Select three options.

A
importing products
B
practicing international trade
C
exporting products
D
participating in globalization
E
ending their specialization
14

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.
15

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
16

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.
17

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
18

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.
19

Which region specializes in diamonds?

A
Central America
B
Middle East
C
Europe
D
Sub-Saharan Africa
20

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

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