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1. A country has a comparative advantage when it can1. produce more of a product than another country2. produce a lot of different economic products3. produce a good at a lower dollar cost than another country4. produce a good at a lower opportunity cost than another country2. Beta can produce either ten apples or three oranges. Cama can produce either twelve apples or three oranges. Which of the following is true?1. Beta has an absolute advantage in the production of apples.2. Cama has an absolute advantage in the production of oranges.3. Cama has an absolute advantage in the production of apples.4. Cama has a comparative advantage in the production of oranges.in the production of that good.1. comparative advantage2. absolute advantage3. financial advantage4. opportunity cost4. A country has an absolute advantage when it can1. produce more of a product than another country2. produce a lot of different economic products3. produce a good at a higher dollar cost than another country4. produce a good at a lower opportunity cost than another country5. Specialization promotes efficiency of the world economy by1. allowing nations to only produce the goods they produce efficiently2. bringing absolute advantage to all nations3. increasing the availability of natural resources4. making sure the exports and imports of all countries are the same6. An import is1. a good or service that is sent to a foreign country2. an example of profitable trade3. a good or service that is brought from a foreign country4. an example of a production deficiency7. A tax placed on an import is a1. quota2. opportunity cost3. ration4. tariff8. The Hawley-Smoot Tariff is an example of1. free trade2. protectionism3. dumping4. infant industry9. Many economists argue that global free trade will1. promote economic efficiency2. cause economic problems3. result in the United States becoming poor4. create protectionismargument is based on the belief that new industries are fragile and need to be protected from foreign competition.1. dumping2. national security3. quota4. infant industry 11. During his administration, President George W. Bush believed that1. participating in the world economy makes the U.S. economy stronger2. foreign trade is not very important in the U.S. economy3. free trade agreements are not necessary4. increasing trade restrictions is important to all U.S. industries 12. NAFTA instituted a free trade policy between1. all world nations2. Europe and Asia3. Canada, Mexico, and the United States4. Europe and Africais the price of a nation’s currency relative to another nation’s currency.1. foreign exchange rate2. floating exchange rate3. fixed exchange rate4. interest ratewhen the value of imports exceeds the value of exports.1. balance of trade2. balance of payments3. trade surplus4. trade deficitis determined by the supply and demand of that currency.1. fixed exchange rate2. floating exchange rate3. balance of trade4. interest rate 16. The International Monetary Fund was created in 1944 in order to1. manage the international monetary system of fixed exchange rates2. determine the floating exchange rates3. fix all interest rates4. create comparative advantagedollar.1. weak, strong2. global, non-global3. strong, weak4. balanced, imbalanced 18. Globalization is the term used to describe the emergence of a fragmented and divisive isolationist world view.1. true2. falseDesiree’s pet care company, Doggone Gorgeous, is an exclusive salon that has shops in Paris, Milan, New York, and San Francisco. Desiree’s business concept is unique because she does not accept currency; she accepts autographed photos of her famous clients with their dogs as payment. She has convinced several upscale shopkeepers to barter with the photos and assigns value to each photo based on the net worth of the person in the photo. She turns a tidy profit in all four locations by collecting and exchanging these famous client photos.Answer the following questions about Desiree’s business: 19. Doggone Gorgeous is a multinational company.1. true2. false 20. The signed photographs of clients and their dogs constitute money.1. true2. false
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