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Unit 2 Test Review - Eco

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12th Grade

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Unit 2 Test Review - Eco
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25 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

With a given amount of resources, a country with a comparative advantage will produce a product with:

cheaper natural resources
higher quality specifications
decreased demand
lower opportunity costs

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Country A can produce more coal than Country B an economist would say that Country A has _______ over country B.

production possibility advantage
export advantage
comparative advantage
absolute advantage

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Why do nations trade?

because they believe that the products they receive are worth more than the products they give up
because they need to acquire certain raw materials
so they can specialize
all of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following factors can slow or halt the process of globalization in the world?

growth in number of multinationals
more specialization
perceived threat to a nation's culture, politics or religion
growth in population control

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ are taxes on _______ .

tariffs, exports
quotas, imports
tariffs, imports
quotas, exports

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What would a free-trader most likely support?

NAFTA
revenue tariff
embargo
infant industries argument

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the world's largest free trade area?

MFN
NAFTA
GATT
WTO

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