International trade _______ economic growth.
International trade __________ the specialization of goods.
International trade
-------- the types of goods and services available around the world.
answer
encourages; encourages; increases
question
The main materials needed for the computer parts come from overseas. One way to keep costs down for my company is to ________ raw materials and build parts here.
If the computers that use my products are replaced by newer or cheaper computers, my company will have _________ of customers.
answer
import; fewer
question
Which option best explains why countries trade with each other?
answer
to get goods they cannot produce locally
question
Why do countries specialize? Check all that apply.
answer
to produce more of certain goods and services in a more efficient way
question
Comparative advantage means the ability to produce a good or service
answer
with a lower opportunity cost than another country.
question
Which phrase best defines the term "opportunity cost"?
answer
what a country gives up when it chooses to produce a good or service
question
absolute advantage
answer
A country can provide phone service more cheaply than another can
question
comparative advantage
answer
A country can produce wheat more cheaply and with less time and effort than another can
question
absolute advantage
answer
A country can create computer parts for half the cost as another country can
question
Which is an example of a country that is overly dependent on another country for critical goods and services?
answer
a country that imports all its oil
question
Which situation might cause a country to specialize?
answer
wheat production in a region with fertile soil
question
Why does the US import oil?
answer
because it does not produce enough oil
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
The Middle East is best associated with which internationally traded product?
answer
oil
question
In regard to trade, the United States
answer
imports and exports goods and services.
question
Which is the best example of opportunity cost?
answer
A country that chooses to export bananas but not wheat.
question
What role does competition play in international trade?
answer
It drives down prices for consumers.
question
How does international trade best benefit specialization?
answer
A country can make and sell goods affordably and buy goods it cannot make.
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