Unit 6 - International Trade, Economics Systems
Assessment
•
Trista Presley
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Social Studies
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12th Grade
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241 plays
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Medium
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19 questions
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1.
Multiple Choice
Economist believe which of the following are benefits of international trade:
there can be increased consumption for all.
global production will be increased.
world resources will be used more efficiently.
all of these are true.
2.
Multiple Choice
Comparative advantage explains why a nation will benefit from trade when:
it exports more than it imports.
its trading partners are experiencing offsetting losses.
it exports goods for which it is a high-opportunity cost producer, while importing those for which it is a low-opportunity cost producer.
it exports goods for which it is a low-opportunity cost producer, while importing those for which it is a high-opportunity cost producer.
3.
Multiple Choice
A country that can produce a good using fewer resources than another country has a(n):
lower opportunity cost of producing the good than another country.
absolute advantage.
specialization in the production of the good.
all of these.
4.
Multiple Choice
Embargos:
ban trade with other countries
generate tax revenues for that country
hurt domestic producers
lower prices of goods
5.
Multiple Choice
A tariff can be defined as a:
tax on imports.
tax on exports.
legal limit on imports.
legal limit on exports.
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