AZ-Economics Global Economics (International Trade) – Flashcards
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How does international trade best benefit specialization?
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A country can make and sell goods affordably and buy goods it cannot make.
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Which is the best example of opportunity cost?
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A country that chooses to export bananas but not wheat.
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Which statement best describes how globalization is affecting the world?
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The world is becoming more globalized and connected.
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Which is the best example of a country that is dependent on other countries?
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a country that has little fertile soil
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Which situation might cause a country to specialize?
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wheat production in a region with fertile soil
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A company in Maine sends lobsters to France. What is this an example of?
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exporting
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Which region specializes in diamonds?
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Sub-Saharan Africa
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A country that makes a product more inexpensively and efficiently than another country has
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an absolute advantage.
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Which region is most likely to export bananas to the United States?
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Central America
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What might be the best decision for Country A?
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focus on the petroleum industry only
