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Quiz 7 :

Global Markets in Action

Quiz 7 :

Global Markets in Action

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Prior to international trade, the price of good X is lower in country A than in country B. This means that we know that
Free
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D

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Which of the following statements about U.S. international trade in 2016 is CORRECT?
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D

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The goods and services that our country buys from other countries are termed
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B

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Comparative advantage implies that a country will
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International trade arises from
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When the principle of comparative advantage is used to guide trade, then a country specializes in producing only
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Suppose sugar is exported from a nation. In the sugar market who does NOT benefit from the exports?
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A country specializes in the production of goods for which it has a comparative advantage, so
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In 2016, the world's largest international traders were
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The fundamental force that drives international trade is
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The United States has a comparative advantage in producing airplanes if
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With international trade, a country will export tires. Prior to international trade, the quantity of tires produced in the country ________ the quantity of tires consumed in the country.
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The United States has a comparative advantage in producing cotton if the U.S. price of cotton before international trade is ________ the world price.
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Who benefits from imports?
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The United States has a comparative advantage and specialize in the production of airplanes. Compared to the situation with no trade, which of the following will occur?
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Compared to the situation before international trade, after the United States imports a good production in the United States ________ and consumption in the United States ________.
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The gains from trade that are possible when two countries have different opportunity costs for wheat and coffee are realized when
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Which of the following is CORRECT?
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The goods and services that our country sells to other countries are termed
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Compared to the situation before international trade, after the United States exports a good production in the United States ________ and consumption in the United States ________.
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