POSC020FRVW

What is the term used to describe a situation where one country can produce a good more efficiently than another?

• Bargaining model

• Collective action problem

• Comparative advantage

• Absolute advantage

Which term refers to a conflict where one side has significantly more power than the other?

• Symmetric warfare

• Asymmetric warfare

• Civil wars

• Irredentism

What is the name of the international financial institution created at the Bretton Woods Conference?

• World Bank

• International Monetary Fund (IMF)

• World Trade Organization (WTO)

• United Nations (UN)

Which theory explains international trade based on countries' factor endowments?

• Protectionism theory

• Monetary policy theory

• Liberalization theory

• Heckscher-Ohlin trade theory

What is the term for goods that are nonexcludable and nonrival in consumption?

• Public good

• Private good

• Primary commodities

• Common property good

Which term describes the economic policy of reducing government spending and increasing taxes to reduce budget deficits?

• Austerity

• Dumping

• Deregulation

• Embedded autonomy

What is the term for a market structure characterized by a single seller and no close substitutes for the product?

• Monopolistic competition

• Monopoly

• Oligopoly

• Perfect competition

Which economic concept describes the cost of the next best alternative foregone when making a decision?

• Opportunity cost

• Marginal cost

• Fixed cost

• Variable cost

What is the term for a situation where the free market does not allocate resources efficiently on its own?

• Market shortage

• Market failure

• Market equilibrium

• Market surplus

What is the term for a market structure where a few large firms dominate the market?

• Perfect competition

• Oligopoly

• Monopoly

• Monopolistic competition