nation's ability to produce a product more efficiently than another country is referred to as globalization. foreign trade. interdependence. comparative advantage.
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- Bilateral Agreements is a trade agreement between two nations True or falseRomilo produces 250 different varieties of potatoes sourced from nearby villages, suggesting he likely lives in: Maine China Ireland Peru, or maybe Chile All of the following are reasons that foreign countries and corporations engage in long-term leases of land or outright land purchases in other countries EXCEPT: These countries and corporations may be concerned about the long-term food security of their home population These countries and corporations have a stated goal of promoting neo-colonialism These countries and corporations may be pursuing a strategy to ensure energy security These countries and corporations may be interested in low prices for labor and land CITES seeks to preserve the existence of endangered species. This existence value is a __________. CITES is effective, but very narrowly focused on __________. public good, fish private good, rhinos…Country A has an absolute command economy. Country B has a mixed economy and a population that favors market trade. Both want to increase trade to generate more wealth. Which action would Country B most likely take that Country A would not? Impose stricter divisions of labor Increase production quotas Loosen certain trade regulation Permit limited private ventures
- The major export-promotion agency in the U.S. is: the State Department the Commerce Department the U.S. Export Administration the International Court of Trade the U.S. Export Control AgencyWhen one country can produce a product at a lower cost in terms of other goods, that country is said to have Group of answer choices a productive advantage. an unfair advantage. a comparative advantage. an absolute advantage.Alice is the global marketing director for a multinational electronics manufacturing firm. She is assigned with the task of expanding the firm to large and growing international markets. Which of the following factors of international trade will benefit Alice's company a) International trade will provide the company with a comparative advantage. b) The company will benefit from the inflow of new, innovative ideas. C The company will benefit from a balance of trade. ) d) International trade will provide the company with an absolute advantage.
- The law of comparative advantages in trade typically applies only to trade between nations and favors the party who has the highest opportunity cost. True FalseIf the United States adopts a law that every good imported from another country must be visually inspected by government inspectors, then this law might be considered as ______________. Group of answer choices a government bureaucracy a non-tariff barrier an import quota a quotaIn the Melitz (2003) model all firms that find exporting profitable will also find it profitable to serve the domestic market. True False
- True or false? The European Union seeks to reduce its regional economic disparities by having wealthy regions provide economic subsidies and loans to poorer regions.Which of the following policies would lead to increased productivity in the fishing industry? Check all that apply. Imposing a tax on fishing poles Subsidizing research and development into new fishing technologies Imposing restrictions on foreign ownership of domestic capital Sharply increasing the interest rate on student loans to people pursuing advanced degrees in fishingAbsolute advantage is the economy's ability to produce goods and service at a lower opportunity costs than its trading partners True or false
