Chapter 10 Multiple Choice Answer Key - Chapter 10...

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Mathematical Excursions
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Chapter 4 / Exercise 4
Mathematical Excursions
Aufmann
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Chapter 10 - International TradeChapter 10International TradeMultiple Choice Questions1. What is the cornerstone of trade? A. The fact that countries have different factor endowments.B.Specialization.C. The presence of economies of scale.D. Monopoly power.
Accessibility: Keyboard NavigationBlooms: RememberBlooms: UnderstandDifficulty: EasyLearning Objective: 10-01 Explain the importance of international trade and why nations trade with each other.Topic: 10-01 Specialization and Trade2. Compared to 50 years ago, international world trade has ________ substantially and the geographical areas leading this change are _________.
Accessibility: Keyboard NavigationBlooms: RememberBlooms: UnderstandDifficulty: EasyLearning Objective: 10-01 Explain the importance of international trade and why nations trade with each other.Topic: 10-02 Current Trends in World Trade10-1
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Mathematical Excursions
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Chapter 4 / Exercise 4
Mathematical Excursions
Aufmann
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Chapter 10 - International Trade3. Adam Smith believed that specialization is limited by:
Accessibility: Keyboard NavigationBlooms: RememberBlooms: UnderstandDifficulty: EasyLearning Objective: 10-01 Explain the importance of international trade and why nations trade with each other.Topic: 10-03 Specialization4. In the mind of Adam Smith, what is true if person A voluntarily sells a good or service and person B voluntarily buys it?
Accessibility: Keyboard NavigationBlooms: RememberBlooms: UnderstandDifficulty: EasyLearning Objective: 10-01 Explain the importance of international trade and why nations trade with each other.Topic: 10-05 Theory of Absolute Advantage5. Why doesn't Canada grow its own bananas? A. It is not possible to grow bananas in Canada.B. Canada's factor endowments suggest that it can better produce many other goods besides bananas.C. It is cheaper to buy bananas from countries that have different factor endowments which are much better suited to growing bananas.D.Both b) and c).
Accessibility: Keyboard NavigationBlooms: RememberBlooms: UnderstandDifficulty: HardLearning Objective: 10-01 Explain the importance of international trade and why nations trade with each other.Topic: 10-04 Factor Endowment10-2
Chapter 10 - International Trade

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