Week 3 IEF Quiz

Which of these provide "services"? (MULTIPLE RIGHT ANSWERS)

• Petrol station

• Internet provider

• Grab Delivery

• Mobile phone

• Restaurant

Which of these provide "goods"? (Multiple Right Answers)

• Facebook

• Starbucks

• Nissan

• Khan Academy

• Family Mart

The increasing interdependence in the global economy is called

• International economics

• International economic integration

• International Industry Interdependence

• Circular economy

What is a benefit of economic interdependence for consumers?

• Increased wages

• Healthy lifestyle

• Lower prices for goods

• Longer life expectancy

What is a potential downside of globalisation for countries?

• Higher GDP

• Loss of self sufficiency

• Political cooperation

• Immigration

When international goods and services can be traded WITHOUT tariffs, that is called

• Trade

• Free Trade

• Neutral Trade

• Economics

Who ends up paying for Tariffs?

• Foreign governments

• consumers

• Domestic companies

• foreign companies

When a country is good or efficient at a particular task in producing MORE of a good or service, that is called

• A Comparative Advantage

• A Competitive Advantage

• An Absolute Advantage

• A Major Advantage

What is a good example of a comparative advantage (multiple right answers)

• SE Asia's population making labor cheap

• The United States' massive stock of high tech machinery , electrical equipment, vehicles and other capital goods

• The Amazon Rainforest being suitable for rubber trees

• Europe's highly educated workforce

What type of companies have an advantage in a global economy?

• Large multinational companies

• Small local companies