Trade and the Global Economy

Front

Which of the following is an argument against protectionism? safeguarding the national defense, preventing jobs from leaving the country, protecting infant industries, providing cheaper consumer goods

Back

providing cheaper consumer goods

Front

What kind of agreement is the free trade agreement between Canada, the United States, and Mexico?

Back

multilateral

Front

If a country has an absolute advantage in producing wheat but a comparative advantage in producing corn, what should it do?

Back

Specialize in corn and trade for wheat since it is more efficient

Front

Which of the following statements is true regarding least developed country (LDC) status nations in Asia, Oceania, and the Americas? Options: Haiti is the only remaining LDC in the Americas., Australia is considered to be an LDC., Most countries in Asia are LDCs., Japan is considered a newly industrialized country (NIC).

Back

Haiti is the only remaining LDC in the Americas.

Front

Many least-developed countries were dominated by a more economically or militarily advanced country in the late 1800s to mid-1900s. What is this called?

Back

imperialism

Front

Which economic measure looks at the level of income inequality in a country? Options: Gross Domestic Product (GDP), Human Development Index (HDI), Human Asset Index (HAI), Gini Index

Back

Gini Index

Front

What is one of the biggest challenges for countries transitioning from a command economy to a free market? Options: getting the right to vote, privatization, redistribution of wealth, food shortages

Back

privatization

Front

Two citizens open a business in a formerly communist country using their own capital. What kind of privatization does this represent?

Back

Privatization from Below