Comparative Advantage and Measuring Trade
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Last updated over 6 years ago
8 questions
Note from the author:
GSE International Domain
1
Examine the image above.
Based on the image above, which country has the absolute advantage in the production of sugar?
Examine the image above.
Based on the image above, which country has the absolute advantage in the production of sugar?
1
Use the image above to answer the question.
If the countries above were to specialize and trade, which good should Candonia produce?
Use the image above to answer the question.
If the countries above were to specialize and trade, which good should Candonia produce?
1
When a country can generate more output than another country using the same resources, the country is said to have a(n)
When a country can generate more output than another country using the same resources, the country is said to have a(n)
1
When a country can produce a product at a lower opportunity cost than another country, the country is said to have a(n)
When a country can produce a product at a lower opportunity cost than another country, the country is said to have a(n)
1
Trade occurs primarily because
Trade occurs primarily because
1
Which of the following best defines the term "balance of trade"?
Which of the following best defines the term "balance of trade"?
1
When the value of a country's exports exceed the value of its imports, then the country has
When the value of a country's exports exceed the value of its imports, then the country has
1
For a country to have a trade deficit, which of the following would have to be greater?
For a country to have a trade deficit, which of the following would have to be greater?