
Section 5: International Trade
Authored by Triet Do
Mathematics
University

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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Trade decisions are based on the principle of absolute advantage.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the principle of comparative advantage, all countries can benefit from trading with one another because trade allows each country to specialize in doing what it does best.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following tools and concepts is useful in the analysis of international trade?
total surplus
domestic supply
equilibrium price
All of the above are correct.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A tariff is a
limit on how much of a good can be exported
limit on how much of a good can be imported
tax on an exported good
tax on an imported good
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When each person specializes in producing the good in which he or she has a comparative advantage, total production in the economy
falls
stays the same
rises
may fall, rise, or stay the same.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
By definition, imports are
people who work in foreign countries
goods in which a country has an absolute advantage
limits placed on the quantity of goods leaving a country.
goods produced abroad and sold domestically.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the fundamental basis for trade among nations?
shortages or surpluses in nations that do not trade
misguided economic policies
absolute advantage
comparative advantage
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