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International Trade Answers

4 verified answers
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
11

Which region specializes in diamonds?

A
Central America
B
Middle East
C
Europe
D
Sub-Saharan Africa
12

Which region is most likely to export bananas to the United States?

A
Europe
B
Central America
C
Middle East
D
Asia
13

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
14

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
15

How does specialization enable countries to trade with one another?

A
A country can make and sell goods affordably and buy goods that it is inefficient at making.
B
A country can make what it chooses and sell its goods to other countries.
C
A country can decide to buy everything it needs from other countries.
D
A country can efficiently make goods that were once difficult to make.
16

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.
17

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.
18

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.
19

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.

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