AnswersIL-EconomicsInternational Trade

International Trade Answers

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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
2
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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.
3

Which region specializes in diamonds?

A
Central America
B
Middle East
C
Europe
D
Sub-Saharan Africa
4

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.
5

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.
6

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.
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

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.
9

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

A
electronics
B
bananas
C
manufactured goods
D
oil
10

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

A
Europe
B
Central America
C
Middle East
D
Asia
11

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
12

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
13

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
14

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.

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