Global Trade and Economic Interdependence
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Questions and Answers

The exchange of goods and services creates economic interdependence among peoples in different places.

True

China is the largest exporter of goods to the United States.

False

U.S. exports to China have decreased since China joined the World Trade Organization in 2001.

False

Every country produces everything it needs to survive without depending on other countries.

<p>False</p> Signup and view all the answers

Imported goods allow Americans to access products they wouldn't otherwise have.

<p>True</p> Signup and view all the answers

Comparative advantage is the main reason countries trade with each other.

<p>True</p> Signup and view all the answers

Comparative Advantage refers to the ability of a country to produce a good at a relatively higher cost than another country.

<p>False</p> Signup and view all the answers

Specialization can lead to a country producing more of a good than it can consume.

<p>True</p> Signup and view all the answers

Factors of Production that can contribute to Comparative Advantage include natural resources, labor, and capital.

<p>True</p> Signup and view all the answers

Tariffs are taxes on exported goods imposed by the importing country.

<p>False</p> Signup and view all the answers

Quotas are restrictions on the amount of foreign goods that can be exported by a country.

<p>False</p> Signup and view all the answers

The European Union is an organization that promotes free trade among independent European nations.

<p>True</p> Signup and view all the answers

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