Lesson 4.1 International Trade Review
Authored by Lydia Herring
Business
11th Grade
Used 30+ times
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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are exports?
Goods and services purchased from other countries.
Goods and services sold to other countries.
Goods and services produced for domestic use.
Goods and services exchanged within a nation.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do most countries not produce all the goods and services they need?
They lack interest in manufacturing.
They prefer to import everything.
They get some goods and services from other nations.
They have no resources at all.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a reason for economic interdependence among countries?
Each country has the same resources.
Each country possesses unique resources and capabilities.
All countries produce the same goods.
Countries do not trade with each other.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is absolute advantage in international trade?
When a country can produce an item at the lowest cost possible due to natural resources or talents.
When a country can produce more goods than another country.
When a country has the highest GDP in the world.
When a country exports more than it imports.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the significance of an educated labor force in achieving a comparative advantage?
It reduces production costs
It increases the efficiency of production
It allows for higher tariffs
It decreases the need for imports
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might a country focus on industries where it has a comparative advantage?
To increase import tariffs
To maximize economic value and efficiency
To reduce the labor force
To decrease exports
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
How does international trade affect businesses? Select all that apply.
Creates competition, which can create high-quality goods with lower prices.
Offers businesses to expand in other countries
Employment rate increases in the home country and abroad
Improves the standard of living by giving people more options to choose from when making purchasing decisions
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