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International Trade

Issac Walker avatar Issac Walker
18 October 2022
4.7 (114 reviews)
10 test answers

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question
A country that can produce a good more efficiently than another country has with the same number of resources has the
answer
an absolute advantage.
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The United States is said to have an absolute advantage in producing food compared with Japan. What does that mean?
answer
It produces food more efficiently than Japan.
question
Which situation might cause a country to specialize?
answer
wheat production in a region with fertile soil
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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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What role does competition play in international trade?
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It drives down prices for consumers.
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When a country chooses to limit the kinds of goods or services it produces, it is practicing
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specialization.
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Why would a country want to establish absolute advantage?
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to produce goods while using fewer resources than any other country
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A country with an absolute advantage can produce a good or service
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more efficiently than another country.
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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.
question
Which region specializes in diamonds?
answer
Sub-Saharan Africa