What role does competition play in international trade?
answer
It drives down prices for consumers.
question
Which situation might cause a country to specialize?
answer
wheat production in a region with fertile soil
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
The table compares two countries and two products.
What might be the best decision for Country A?
answer
focus on the petroleum industry only
question
A company in Maine sends lobsters to France. What is Maine doing? Check all that apply.
answer
practicing international trade
exporting products
participating in globalization
question
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
It takes brothers John and Dan the same amount of time to clean the room they share, but John can mow the lawn faster than Dan.
Which action would allow them to take advantage of their respective comparative advantages?
answer
John mowing the lawn and Dan cleaning their room
question
Which situation is the best example of opportunity cost?
answer
A country chooses to produce bananas instead of wheat.
question
How does specialization enable countries to trade with one another?
answer
A country can make and sell goods affordably and buy goods that it is inefficient at making.
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