STMC Term 4 LE1.1 - LE1.8 Review
Authored by Lachlan Brennan
Business
12th Grade
Used 3+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The concept of 'opportunity cost' highlights the benefits that can be gained from world trade.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To enjoy the benefits of specialisation countries need to trade
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Exports are a leakage from the circular flow of income model because goods are sent overseas
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A country that has an absolute advantage in the production of all goods cannot gain from specialisation and trade
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Different countries have a comparative advantage because opportunity costs differ
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumers gain when a business exports goods to overseas nations.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An open economy is one that trades freely with the rest of the world
True
False
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