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CH 8 econ quiz
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Nations generally export products that they can produce at a lower _____ than other countries.
single-resource cost
scarcity cost
benefit cost
opportunity cost
Clear selection
China has a comparative advantage for producing certain products because _____.
its laborers earn a lot of money
it has a large labor force
its laborers are expensive but skillful
labor is scarce and therefore desired
Clear selection
Protectionism the use of tactics that make imported goods _____ than domestic goods.
higher quality
more widely available
more expensive
less expensive
Clear selection
NAFTA removed most of the trade barriers between which of the following countries?
US, Japan, Mexico
US, China, Japan
US, Mexico, China
US, Canada, Mexico
Clear selection
A nation is said to have _____ when the value of its exports is greater than the value of its imports.
free trade
a negative balance of trade
a positive balance of trade
tariffs
Clear selection
Which of the following are the three basic economic questions?
what to produce, how to produce, where to produce
why to produce, how to produce, for whom to produce
what to produce, how to produce, for whom to produce
what to produce, how to produce, why to produce
Clear selection
Which of the following is a positive characteristic of command economies?
rapid responses to emergencies
shortages of goods that consumers want
poor quality of goods
slow growth
Clear selection
In the 1990's, countries in Easter Europe changed from a command economy to a market economy.
True
False
Clear selection
Developing countries are _____.
not very productive
rapidly increasing their production
trying to develop command economies
growing faster than India or China
Clear selection
Countries with high rates of population growth tend to have _____.
low per capita GDP
High per capita GDP
high rates of unemployment
efficient industries
Clear selection
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