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A country has a comparative advantage when it can
produce more of a product than another country
produce a lot of different economic products
produce a good at a lower dollar cost than another country
produce a good at a lower opportunity cost than another country

Beta can produce either ten apples or three oranges. Cama can produce either twelve apples or three oranges. Which of the following is true?
Beta has an absolute advantage in the production of apples.
Cama has an absolute advantage in the production of oranges.
Cama has an absolute advantage in the production of apples.
Cama has a comparative advantage in the production of oranges.

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According to modern theory, it is beneficial for a country to trade a good with another country if one country has a(n) in the production of that good.
comparative advantage
absolute advantage
financial advantage
opportunity cost

A country has an absolute advantage when it can
produce more of a product than another country
produce a lot of different economic products
produce a good at a higher dollar cost than another country
produce a good at a lower opportunity cost than another country

Specialization promotes efficiency of the world economy by
allowing nations to only produce the goods they produce efficiently
bringing absolute advantage to all nations
increasing the availability of natural resources
making sure the exports and imports of all countries are the same

An import is
a good or service that is sent to a foreign country
an example of profitable trade
a good or service that is brought from a foreign country
an example of a production deficiency

A tax placed on an import is a
quota
opportunity cost
ration
tariff

The Hawley-Smoot Tariff is an example of
free trade
protectionism
dumping
infant industry

Many economists argue that global free trade will
promote economic efficiency
cause economic problems
result in the United States becoming poor
create protectionism

The argument is based on the belief that new industries are fragile and need to be protected from foreign competition.
dumping
national security
quota
infant industry

During his administration, President George W. Bush believed that
participating in the world economy makes the U.S. economy stronger
foreign trade is not very important in the U.S. economy
free trade agreements are not necessary
increasing trade restrictions is important to all U.S. industries

NAFTA instituted a free trade policy between
all world nations
Europe and Asia
Canada, Mexico, and the United States
Europe and Africa

The is the price of a nation’s currency relative to another nation’s currency.
foreign exchange rate
floating exchange rate
fixed exchange rate
interest rate

A country experiences a when the value of imports exceeds the value of exports.
balance of trade
balance of payments
trade surplus
trade deficit

A(n) is determined by the supply and demand of that currency.
fixed exchange rate
floating exchange rate
balance of trade
interest rate

The International Monetary Fund was created in 1944 in order to
manage the international monetary system of fixed exchange rates
determine the floating exchange rates
fix all interest rates
create comparative advantage

A dollar is able to purchase less foreign currency than a dollar.
weak, strong
global, non-global
strong, weak
balanced, imbalanced

Globalization is the term used to describe the emergence of a fragmented and divisive isolationist world view.
true
false
Desiree’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:

Doggone Gorgeous is a multinational company.
true
false

The signed photographs of clients and their dogs constitute money.
true
false

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