What is a true statement about how specialization increases productivity in a nation?
2024 Fall BMF2 Exam Review

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Business
•
9th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
It allows a nation to allocate its resources more efficiently.
2.
FLASHCARD QUESTION
Front
We can also call a trade surplus a(n)
Back
Positive Balance of Trade
3.
FLASHCARD QUESTION
Front
It was founded in 1995 to ensure compliance with GATT to negotiate trade agreements and to resolve trade disputes.
Back
WTO
4.
FLASHCARD QUESTION
Front
These are determined by the supply and demand for a certain currency.
Back
Exchange Rates
5.
FLASHCARD QUESTION
Front
This is an argument FOR protectionism.
Back
Jobs go overseas in favor of cheaper labor.
6.
FLASHCARD QUESTION
Front
Which of these is NOT a trade bloc? ASEAN, WTO, NAFTA, EU
Back
WTO
7.
FLASHCARD QUESTION
Front
A good sent to another country for sale is called what?
Back
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