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WorksheetsUnit 6 Economics Review
Total questions: 10
Worksheet time: 5mins
How has free trade benefitted the United States?
It resulted in economic growth
economic growth resulted in a surplus
it resulted in a surplus
economic surplus resulted in growth
With a given amount of resources, a country with a comparative advantage will produce what kind of product?
something with higher opportunity costs
something with lower opportunity costs
unequal resources
increased economic growth
Why do countries specialize in particular trade products?
unequal distribution of resources
it affects workers
increased economic growth
shifts the production possibility
Japan has a 100% tariff on car imports from the US, a sports car in the US cost $80,000, how much will it cost in Japan, would it increase or decrease US exports?
$160,000, decrease exports
$160,000, increase exports
How could the US increase exports of sports cars?
negotiate to lower tariffs on sports cars
take away tariffs on sports cars
negotiate higher tariffs on sports cars
Supporters of protectionism would argue that free trade adversely affects which group of people?
it's workers
it's owners
nobody
citizens
How do fluctuations to the international exchange rate of nation's currency affect its balance of its trading partners?
excommunication
aerospace
physics
How does the international trade impact economic growth within a trading nation?
shifts the production possibility curve outward, by using resources more efficiently
shifts the production possibility curve inward, by using resources more efficiently
The late twentieth century has been characterized by an increase in free trade agreements. Advocates of free trade argue that it results in?
Decreased economic growth
Increased economic growth
decreased economic expansion
What is a comparative advantage?
the ability to produce goods and services at a lower opportunity cost, resulting absolute advantage
the ability to produce goods and services at a higher opportunity cost, resulting absolute advantage
