What does it mean when an economists state that a country specializes in producing certain products?
Economics: Unit 4 Review and Study Guide

Quiz
•
Social Studies
•
12th Grade
•
Easy
K Daly
Used 2+ times
FREE Resource
27 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
They make every product hoping people would have what they need.
They only make certain products rather then everything they need.
They only make popular products
They make products based on the growing trends
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are exports?
Get goods or services from another country for sale.
Only get foreign goods for domestic sale
Suppling domestic goods for domestic sales
Send goods or services to another country for sale.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are imports?
Bring goods or services into a country from abroad for sale.
Send goods or services to another country for sale.
Bring goods ONLY into a country from another country.
Send services ONLY to another country from another country.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are net exports?
Measures of a nation's total export ONLY.
Measures of a nation’s total trade.
Measures of a nation's total imports ONLY.
Measures of a nation's total foreign purchases.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is balance of trade?
When two country's negotiate their products.
The difference in production of imports.
The difference in value between a country’s imports and exports.
When a country is more dominant in trade than another.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a trade surplus?
The amount by which the cost of a country's imports cost to import.
The amount by which the value of a country's exports exceeds the cost of exports.
The amount by which the cost is compared to other country's prices.
The amount by which the value of a country's exports exceeds the cost of its imports.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a trade deficit?
The amount by which the cost of a country’s imports exceeds the value of it’s exports.
The amount by which the cost of a country's exports exceeds the value of it's imports.
The amount by which a country cost it's foreign traders.
The amount by which a country exceeds its costs.
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