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Review Chapter 3

Authored by Cynthia Reed

Business

9th - 12th Grade

Used 9+ times

Review Chapter 3
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34 questions

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1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

In the context of competitive advantage, the value of the first-best choice represents the opportunity cost of producing a second product.

True

False

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Despite their huge populations, China and India represent a much smaller opportunity in terms of size and economic growth.

True

False

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

A country has an absolute advantage when it can produce more of a good than other nations, using the same amount of resources.

True

False

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Although a trade deficit signals the wealth of an economy that can afford to buy huge amounts of foreign products, a large deficit can be destabilizing.

True

False

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

The balance of trade is also referred to as countertrade.

True

False

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

The balance of trade plays a central role in determining the balance of payments.

True

False

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Balance of trade incorporates trade with all foreign nations.

True

False

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