Quiz
Quiz
Trade is a modern invention



When countries produce goods or services in amounts they are unable to use/consume at home, this is called a…





Which of the following is NOT a reason why nations export?





The Economist magazine annually publishes what it calls the _____ Index, which has proven to be a fairly accurate predictor of exchange rate changes.





When the exchange rate is taken into consideration, prices do not vary among countries.



_____ countries tend to export a much wider range of products than _____ countries.



Which of the following is NOT a reason why countries import goods or services?





What, in essence, does the theory of competitive advantage state?




In economic terms, the amount of good or service that is sacrificed in order to produce an alternative good or service is known as…





A country is said to have a comparative advantage in whichever good has the _____ opportunity cost.)



Which of the following statements is UNTRUE?





Which of the following is NOT a reason why trade deficits are often seen as harmful?





Governments have traditionally tried to manage trade flows in two fundamental ways:



Tariffs are taxes that are traditionally imposed upon…



Which of the following statements is UNTRUE?







 

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