Unit 5 - Woods

Unit 5 - Woods

KG - University

20 Qs

quiz-placeholder

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Unit 5 - Woods

Unit 5 - Woods

Assessment

Quiz

History

KG - University

Easy

Used 178+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The World Trade Organization encourages
trade among member countries
governments to use a single currency
countries to protect the rights of workers
least efficient countries to build trade barriers

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a country wants to specialize in the export of certain goods, it should have:
access to necessary resources for production
a comparative advantage in production
both answers
none of these

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Protectionism:
protects some domestic jobs
includes quotas and tariffs
restricts imports into a country
all of the above

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When a country uses its resources to produce only a few goods; this is called:
quota
tariff
specialization
protectionism

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The world can't produce unlimited amounts of oil. This illustrates the principle of:
scarcity
absolute advantage
inadequate substitute products
comparative advantage

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

It takes the Island of Hatfield 19 hours to process coconuts and the Island of McCoy 3 hours to process coconuts. Who has the absolute advantage? 
Hatfield
McCoy
neither
not enough information provided

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When considering free trade, what contributes to a country’s comparative advantage? 
production costs
other country's production costs
both of these
none of these

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