Opp Costs, in the real World of Econ

The unequal __________ of resources means that no country can produce everything it needs.

• allocation

• distribution

• abundance

• scarcity

Nations trade because of __________ advantage, which allows them to produce goods at a lower opportunity cost.

• absolute

• competitive

• comparative

• strategic

A country has an __________ advantage when it can produce more of a good using the same amount of resources as another country.

• absolute

• comparative

• strategic

• competitive

The law of __________ advantage states that nations should produce goods where they have the lowest opportunity cost.

• absolute

• competitive

• comparative

• strategic

Countries export goods they produce efficiently and __________ goods they cannot produce as efficiently.

• export

• import

• manufacture

• consume

The United States is a major exporter of __________ due to its favorable climate and advanced technology.

• electronics

• automobiles

• crops

• textiles

__________ refers to the shared reliance between nations for goods, services, and resources.

• Independence

• Interdependence

• Isolation

• Autonomy

Specialization allows countries to focus on producing goods where they have an advantage, leading to increased __________.

• consumption

• efficiency

• production

• diversity

Imports and exports impact a nation’s __________ by affecting jobs and industries.

• culture

• politics

• economy

• environment

The impact of U.S. imports includes increased availability of goods but can also contribute to job __________ in certain industries.

• creation

• stability

• growth

• losses