Which of these is NOT a benefit of trade?

fulfilment of needs otherwise not fulfilled

increase in maximum satisfaction

Which of these is a reason that producers may choose to import raw materials(resources) from foreign countries?

a better quality of resources is available from international sources

resources are unavailable in the domestic country

lower cost than domestic product

Why do some argue that interdependence is beneficial?

Countries that are interdependent will not want to conflict with each other in the interest of their economic interests.

Studies have shown that interdependence prevents other countries from economic growth

Countries that are interdependent are likely to compete against one another, often resulting in conflict.

If there is an overreliance on exports to drive economic growth, a slowdown in foreign economies could cause

a slowdown in the domestic economy

inflation in the domestic economy

budget deficits in the domestic economy

trade deficits in the domestic economy

According to these graphs, which of the following is true?

England has the comparative advantage in tents

England has the comparative advantage in radios

Neither country has the comparative advantege in tents

both countries have the comparative advantage in tents

According to these graphs, which of these is true?

England has an absolute advantage in tents

England has an absolute advantage in radios

Ireland has an absolute advantage in tents

Neither England nor Ireland has an absolute advantage in tents

If Mexico can produce the same quantity of tomatoes that the United States can, but Mexico uses fewer resources than the United States to do so, we conclude:

Mexico has an absolute advantage in the production of tomatoes

the United States has an absolute advantage in the production of tomatoes

Mexico has a comparative advantage in the production of tomatoes

The United States has a comparative advantage in the production of tomatoes

Assume Chile and Canada can produce either olive oil or plastics. In addition, assume Chile has a comparative advantage in producing olive oil, while Canada has a comparative advantage in producing plastics. According to the principle of comparative advantage and trade, which of the following statements is true?

Chile should import plastics, while Canada should import olive oil.

Chile should export olive oil, while Canada should export plastics.

Both countries will benefit from trade

Suppose the United States has an absolute advantage in producing corn and oats. Canada has a comparative advantage in oats while the United States has a comparative advantage in producing corn. According to the principle of comparative advantage, if both countries engage in trade,

both trading partners will be better off after trade

only the United States will be better off after trade

only Canada will be better off after trade

neither trading partner will be better off after trade.

Using the graph above, which nation has the comparative advantage in the production of peanuts?

Neither Canada or the United States

Both Canada and the United States

An open economy means that countries:

will not trade with each other at all

specialize in the production of goods where they have absolute advantage

will only produce goods that cannot be produced anywhere else

Xanadu has comparative advantage in making roller skates. Atlantis has comparative advantage in making fishing poles. Each nation will specialize in the good where they have comparative advantage. Which of the following is true?

production and consumption will increase after trade

production and consumption will decrease after trade

What kinds of goods are typically exported by developed countries?

Capital- and skill-intensive products

If American farmers sell part of their corn production to Mexican consumers, their sale represents

an export for the United States and an import for Mexico

an import for the United States and an export for Mexico

a trade surplus for the United States and a trade deficit for Mexico

a trade deficit for the United States and a trade surplus for Mexico

Balanced trade is defined as

a situation where the monetary values of a country's imports and exports are equal

the difference in the monetary value of a country's exports and imports for a specific period

an increase in the monetary value of imports and a decline in the value of exports

an increase in the monetary value of exports and a decline in the value of imports

If the United States imports more than it exports, which of these is true?

Unemployment in the United States may increase

Unemployment in the United States may decrease

Prices of goods made in the United States will increase

There will be no specialization in trade

If the trade deficit changes from -130 million to -100 million which of these could have happened?

both imports and exports went down

both imports and exports went up

Module 3 Test Review

Authored by Elizabeth Schleif

Business

9th - 12th Grade

CCSS covered

Used 1+ times

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88 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A sustained trade deficit could be a problem for a country because ____________.

fewer exports translates into lower production and decreased employment

more exports translates into lower production and increased employment

fewer imports translates into lower production and decreased employment

more imports translates into higher production and increased employment

Tags

CCSS.6.RP.A.3B

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Other nations could make the United States trade deficit larger if they ____________

purchased fewer US exports

purchased more US exports

decreased the quantity of their exports to the United States

decreased taxes on their imports

Tags

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A trade deficit occurs when ___________

imports are greater than exports

federal spending on programs is greater than income from programs

exports are greater than imports

profits are greater than costs

Tags

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______________ are products that are produced domestically but sold internationally.

Transfer payments

Imports

Exports

Voluntary exchanges

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a country exports more than it imports, it is operating with a ______________

trade deficit

trade surplus

budget surplus

budget deficit

Tags

CCSS.6.RP.A.3B

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is an example of an involuntary exchange?

You buy a shirt online

Your wallet is stolen

You trade an apple for an orange with your friend at lunch

You purchase vegetables at the farmers market

Tags

CCSS.HSN.RN.B.3

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Involuntary exchanges are not preferred because _________.

they do not happen at agreed upon prices

both parties benefit

no one benefits

all of these

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Module 3 Test Review

A sustained trade deficit could be a problem for a country because ____________.

Other nations could make the United States trade deficit larger if they ____________

A trade deficit occurs when ___________

______________ are products that are produced domestically but sold internationally.

When a country exports more than it imports, it is operating with a ______________

Which of these is an example of an involuntary exchange?

Involuntary exchanges are not preferred because _________.

A(n) __________ is when both parties are willing and agree to exchange a product for an agreed upon value.

Which of these is not expected when international trade occurs?

Which of these is NOT a benefit of trade?

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