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WorksheetsSpecialisation and International Trade Quiz
Total questions: 14
Worksheet time: 7mins
What is one advantage of specialisation for countries?
Increased competition
Higher output
Higher costs
Less innovation
Which industry accounted for 70% of Bangladesh's exports in 2016?
Agriculture
Technology
Textiles
Mining
What is a potential disadvantage of specialisation?
Dependence on other countries
Increased product variety
Lower production costs
Higher quality products
What does comparative advantage refer to?
The ability to produce a product at a lower opportunity cost
The ability to produce a product faster
The ability to produce more of a product
The ability to produce a product with higher quality
Which country is mentioned as having a comparative advantage in operating call centres?
USA
Bangladesh
India
China
What is a risk associated with international trade?
Reduced market size
Increased tariffs
Lower competition
Higher local production
What can high transport costs do to a country's cost advantage?
Have no effect
Increase it
Offset it
Enhance it
What is one reason why Mongolia specialises in mining?
Advanced technology
High demand for textiles
Rich mineral resources
Low labour costs
What happens to a country that relies heavily on a narrow range of products?
Lower production costs
Higher employment rates
Greater risk of economic downturn
Increased economic stability
What is the primary difference between international and internal trade?
Internal trade is more complex
International trade involves tariffs
International trade occurs between countries
Internal trade is less risky
What is a potential effect of a recession in China on Mongolia?
Decreased demand for minerals
Higher prices for exports
Economic growth
Increased exports
What is one advantage of firms engaging in international trade?
Access to a wider market
Limited market access
Less competition
Higher production costs
What can lead to changes in comparative advantage over time?
Increased tariffs
Stable technology
Discovery of new resources
Decreased productivity
What is one challenge firms face in international trade?
Standardized regulations
Cultural differences
Uniform currency
Reduced competition
