Chapter 17: Resources for Global Trade REview

Chapter 17: Resources for Global Trade REview

12th Grade

20 Qs

quiz-placeholder

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Chapter 17: Resources for Global Trade REview

Chapter 17: Resources for Global Trade REview

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

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Coach Morphew

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes one country's ability to produce more of a given product than another country?

Absolute advantage

Balance of payments

Comparative advantage

Fixed exchange rates

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is represented by a diagram showing the maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed?

Production possibilities curves

Foreign exchange

Revenue tariff

Floating exchange rates

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term best describes the ability of a country to produce a given product more efficiently than another country?

Comparative advantage

Absolute advantage

Opportunity cost

Protective tariff

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the best alternative use of money, time, or resources when one choice is made rather than another?

Opportunity cost

Balance of payments

Revenue tariff

Fixed exchange rates

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a tax on an imported product designed to protect less efficient domestic producers called?

Protective tariff

Revenue tariff

Foreign exchange

Balance of payments

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a tax placed on imported goods to raise revenue called?

Revenue tariff

Protective tariff

Opportunity cost

Comparative advantage

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes the difference between money paid to and money received from other nations when engaged in trade?

Balance of payments

Foreign exchange

Revenue tariff

Floating exchange rates

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