Ch. 4 Economics Quiz

Who has the absolute advantage in producing shoes?

• Nike

• Adidas

• Both

• Neither

Who has the comparative advantage in producing shoes?

• Nike

• Adidas

• Both

• Neither

Who has the comparative advantage in producing hats?

• Nike

• Adidas

• Both

• Neither

Who has the absolute advantage in producing hats?

• Nike

• Adidas

• Both

• Neither

When someone focuses on what they do best so their efficiency increases

• Specialization

• Division of Labor

• Economic Interdependence

• Export

When workers divide a task into different parts so the job gets done faster

• Specialization

• Division of Labor

• Import

• Export

When a complex economy depends on its society across its borders

• Economic Interdependence

• Division of Labor

• Import

• Export

When we willingly trade something to get something else that we want

• Economic Interdependence

• Division of Labor

• Voluntary Exchange

• Specialization

Out of all their goods, Paraguay mostly ships soybeans all across the world. Soybeans are their largest _____________________.

• Import

• Export

• Economic Interdependence

• Division of Labor

Paraguay spends the most money annually on bringing machinery, appliances, and motors into their country. These goods are considered Paraguay's largest ______________________.

• Imports

• Exports

• Division of Labor

• Specialization