Which must exist before a country can specialize its production? Options: a free-market system, an international division of labor, government subsidies, a global economy

Unit 5 Assessment Review

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•
Social Studies
•
11th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
an international division of labor
2.
FLASHCARD QUESTION
Front
Which of these can a country have when there is an international division of labor? a gross domestic product, social welfare programs, specialized production, protectionist policies
Back
specialized production
3.
FLASHCARD QUESTION
Front
Which conditions would allow Country X to have an absolute advantage over Country Y in the production of automobiles? Options: Country X's workers earn higher wages. Country X can manufacture cars more cheaply. Country Y subsidizes its automobile industry. Country Y has a protective tariff on car imports.
Back
Country X can manufacture cars more cheaply.
4.
FLASHCARD QUESTION
Front
Which circumstance would give Country X an absolute advantage over Country Y in the production of clothing?
Back
Its production costs for clothing were the lowest in the world.
5.
FLASHCARD QUESTION
Front
Which gives a country a comparative advantage?
Back
when it gives up less than others to engage in a particular type of production
6.
FLASHCARD QUESTION
Front
Why does interdependence bring economic growth?
Back
Interdependence enables specialized production, which is more efficient.
7.
FLASHCARD QUESTION
Front
Why do high tariff levels restrict international trade?
Back
Traded goods cost more when there are high tariffs, and this limits their sale.
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