
International Trade and Economic Concepts

Interactive Video
•
Business
•
10th - 12th Grade
•
Medium

Jackson Turner
Used 3+ times
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why does the United States engage in international trade despite being a wealthy nation?
To exploit other countries' resources
To benefit from absolute and comparative advantages
To avoid domestic production
To increase its population
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What defines a country's absolute advantage in producing a good?
Having a larger population
Using fewer resources to produce a good
Producing a good at a higher cost
Using more resources than other countries
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the example given, which country has the absolute advantage in truck production?
United States
Both countries
China
Neither country
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main benefit of specializing in goods with an absolute advantage?
Increased domestic consumption
Higher production costs
Efficient resource use and trade benefits
Reduced international relations
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the opportunity cost for the U.S. to produce one plane in the comparative advantage example?
400 trucks
200 trucks
50 trucks
100 trucks
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can a country benefit from trade even if it has an absolute advantage in both products?
By producing all goods domestically
By specializing in goods with a comparative advantage
By avoiding trade altogether
By increasing tariffs
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the opportunity cost for China to produce one truck in the comparative advantage example?
0.1 planes
0.05 planes
0.0025 planes
0.01 planes
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