CE.12f Global Economy

Virginia and the United States pursue international trade in order to ________________________.

• buy poor quality products

• spend more money

• buy better quality products

• increase wealth

____________________________ means the worldwide markets in which the buying and selling of goods and services by all nations takes place.

• Trade show

• Global economy

• Exchanging of goods and services

• Buying online

Virginia and the U.S. specialize in the production of certain goods and services, which _______________________ and growth.

• promotes efficiency

• promotes learning

• promotes international relations

• promotes the general welfare

Innovations in technological innovations DO NOT contribute to the global flow of information, capital, goods, and services.

• True

• False

The use of technology ______________________ the cost of production.

• raises

• lowers

States and nations trade to obtain goods and services that they cannot produce efficiently themselves.

• True

• False

States and nations trade to buy goods and services at a ________ cost or a ________ opportunity cost.

• Higher

• Lower

States and nations trade to create jobs.

• True

• False

The U.S. cannot efficiently produce all goods to satisfy the wants of all Americans.

• True

• False

The internet makes it easier for us to buy and sell goods with foreign countries.

• True

• False