Multiple Choice Questions

contributing to the nation's productivityPoints earned on this question: 5
  • Worker hours to produce one unit of natural gas Worker hours to produce one unit of oilBrazil 49Argentina 210Mexico 37United States 16According to the chart, which country has the comparative advantage in oil production?
  • Hours to Produce One Unit Worker hours to produce yarn Worker hours to produce fabric Additional worker hours to produce fabric instead of yarnCountry A 812?Country B 413?Which of the follow is true of the trade relationship between Country A and Country B?
  • Globalization increases the interdependency of the world's countries. Inflation in one country would most likely
  • Marcel takes out student loans and works part time to put himself through college. In time, he earns an advanced medical degree and goes to work in an understaffed city hospital. Marcel's economic decisions benefit the goal of efficiency by
The European Union's free-trade agreements include agreements with both developed and developing nations.Points earned on this question: 5
  • Explain the difference between absolute advantage and comparative advantage. Provide an example to illustrate your explanation.
  • Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which is true about most current EU free-trade agreements?
  • Using the chart, identify an example of absolute advantage for the United States over either Country A or Country B. Be sure to identify the product and the country. Explain how the availability and use of a natural resource may impact advantage.
  • The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason?
government bailouts for failing corporationsPoints earned on this question: 5
  • Which of the following describes a developing nation?
  • Adam Smith would most likely oppose a plan for
  • To increase your standard of living, your wages must
  • Which of these can be a result of inflation?
market economyPoints earned on this question: 5
  • A high inflation rate is most difficult for people
  • Supply and demand determines prices levels for goods and services in a
  • Which of the following economic goals focuses on funding technological advances in production?
  • The United States may have a tariff on cotton products from China in order to
NOT Country A has an absolute advantage in producing yarn and fabricPoints earned on this question: 0
  • Hours to Produce One Unit Worker hours to produce yarn Worker hours to produce fabric Additional worker hours to produce fabric instead of yarnCountry A 812?Country B 413?Which of the follow is true of the trade relationship between Country A and Country B?
  • Worker hours to produce one unit of natural gas Worker hours to produce one unit of oilBrazil 49Argentina 210Mexico 37United States 16According to the chart, which country has the comparative advantage in oil production?
  • Marcel takes out student loans and works part time to put himself through college. In time, he earns an advanced medical degree and goes to work in an understaffed city hospital. Marcel's economic decisions benefit the goal of efficiency by
  • Using the chart, identify an example of absolute advantage for the United States over either Country A or Country B. Be sure to identify the product and the country. Explain how the availability and use of a natural resource may impact advantage.
Trade increasesPoints earned on this question: 5
  • A nation has a high Human Development Index and a high gross domestic product. Which of the following factors might result in classification of the nation as developing rather than developed?
  • A group of nations establishes a free-trade zone. What is the most likely effect?
  • The cost of fuel is on the rise. In what way will this affect global trade?
  • Which of the following economic goals focuses on funding technological advances in production?
living with fixed incomesPoints earned on this question: 5
  • A high inflation rate is most difficult for people
  • Which of these can be a result of inflation?
  • To increase your standard of living, your wages must
  • Adam Smith would most likely oppose a plan for
Something that describes the definition of absolute advantage and comparative advantage and how it applies to the US, Country A, or Country B.
  • Hours to Produce One Unit Worker hours to produce yarn Worker hours to produce fabric Additional worker hours to produce fabric instead of yarnCountry A 812?Country B 413?Which of the follow is true of the trade relationship between Country A and Country B?
  • Using the chart, identify an example of absolute advantage for the United States over either Country A or Country B. Be sure to identify the product and the country. Explain how the availability and use of a natural resource may impact advantage.
  • The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason?
  • Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which is true about most current EU free-trade agreements?
The price of household items increasesPoints earned on this question: 5
  • Which of these can be a result of inflation?
  • Which of the following economic goals focuses on funding technological advances in production?
  • Adam Smith would most likely oppose a plan for
  • Which of the following describes a developing nation?
Indonesia, as a developing country, has a less advanced manufacturing infrastructure.Points earned on this question: 5
  • Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which is true about most current EU free-trade agreements?
  • Which position would Adam Smith most likely support during a congressional debate on tax reform?
  • The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason?
  • The United States may have a tariff on cotton products from China in order to
EfficiencyPoints earned on this question: 5
  • Which position would Adam Smith most likely support during a congressional debate on tax reform?
  • Which of the following describes a developing nation?
  • Which of these can be a result of inflation?
  • Which of the following economic goals focuses on funding technological advances in production?
protect the business of the American cotton growers and manufacturersPoints earned on this question: 5
  • The cost of fuel is on the rise. In what way will this affect global trade?
  • The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason?
  • Which position would Adam Smith most likely support during a congressional debate on tax reform?
  • The United States may have a tariff on cotton products from China in order to
NOT United StatesPoints earned on this question: 0
  • Marcel takes out student loans and works part time to put himself through college. In time, he earns an advanced medical degree and goes to work in an understaffed city hospital. Marcel's economic decisions benefit the goal of efficiency by
  • Hours to Produce One Unit Worker hours to produce yarn Worker hours to produce fabric Additional worker hours to produce fabric instead of yarnCountry A 812?Country B 413?Which of the follow is true of the trade relationship between Country A and Country B?
  • Using the chart, identify an example of absolute advantage for the United States over either Country A or Country B. Be sure to identify the product and the country. Explain how the availability and use of a natural resource may impact advantage.
  • Worker hours to produce one unit of natural gas Worker hours to produce one unit of oilBrazil 49Argentina 210Mexico 37United States 16According to the chart, which country has the comparative advantage in oil production?
Income taxes should be reduced to a minimal level and be based on ability to pay.Points earned on this question: 5
  • Globalization increases the interdependency of the world's countries. Inflation in one country would most likely
  • The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason?
  • Which of the following economic goals focuses on funding technological advances in production?
  • Which position would Adam Smith most likely support during a congressional debate on tax reform?
relate to inflation in other countriesPoints earned on this question: 5
  • Explain the difference between absolute advantage and comparative advantage. Provide an example to illustrate your explanation.
  • Globalization increases the interdependency of the world's countries. Inflation in one country would most likely
  • Marcel takes out student loans and works part time to put himself through college. In time, he earns an advanced medical degree and goes to work in an understaffed city hospital. Marcel's economic decisions benefit the goal of efficiency by
  • Which position would Adam Smith most likely support during a congressional debate on tax reform?
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Multiple Choice Questions
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