AZ-Economics Global Economics (International Trade) – Flashcards

Unlock all answers in this set

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