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A country has a comparative advantage when it can produce more of a product than another country produce a lot of different economic products produce a good at a lower dollar cost than another country produce a good at a lower opportunity cost than another country Beta can produce either ten apples or three oranges. Cama can produce either twelve apples or three oranges. Which of the following is true? Beta has an absolute advantage in the production of apples. Cama has an absolute advantage in the production of oranges. Cama has an absolute advantage in the production of apples. Cama has a comparative advantage in the production of oranges. According to modern theory, it is beneficial for a country to trade a good with another country if one country has a(n) in the production of that good. comparative advantage absolute advantage financial advantage opportunity cost A country has an absolute advantage when it can produce more of a product than another country produce a lot of different economic products produce a good at a higher dollar cost than another country produce a good at a lower opportunity cost than another country Specialization promotes efficiency of the world economy by allowing nations to only produce the goods they produce efficiently bringing absolute advantage to all nations increasing the availability of natural resources making sure the exports and imports of all countries are the same An import is a good or service that is sent to a foreign country an example of profitable trade a good or service that is brought from a foreign country an example of a production deficiency A tax placed on an import is a quota opportunity cost ration tariff The Hawley-Smoot Tariff is an example of free trade protectionism dumping infant industry Many economists argue that global free trade will promote economic efficiency cause economic problems result in the United States becoming poor create protectionism The argument is based on the belief that new industries are fragile and need to be protected from foreign competition. dumping national security quota infant industry During his administration, President George W. Bush believed that participating in the world economy makes the U.S. economy stronger foreign trade is not very important in the U.S. economy free trade agreements are not necessary increasing trade restrictions is important to all U.S. industries NAFTA instituted a free trade policy between all world nations Europe and Asia Canada, Mexico, and the United States Europe and Africa The is the price of a nation’s currency relative to another nation’s currency. foreign exchange rate floating exchange rate fixed exchange rate interest rate A country experiences a when the value of imports exceeds the value of exports. balance of trade balance of payments trade surplus trade deficit A(n) is determined by the supply and demand of that currency. fixed exchange rate floating exchange rate balance of trade interest rate The International Monetary Fund was created in 1944 in order to manage the international monetary system of fixed exchange rates determine the floating exchange rates fix all interest rates create comparative advantage A dollar is able to purchase less foreign currency than a dollar. weak, strong global, non-global strong, weak balanced, imbalanced Globalization is the term used to describe the emergence of a fragmented and divisive isolationist world view. true false Desiree’s pet care company, Doggone Gorgeous, is an exclusive salon that has shops in Paris, Milan, New York, and San Francisco. Desiree’s business concept is unique because she does not accept currency; she accepts autographed photos of her famous clients with their dogs as payment. She has convinced several upscale shopkeepers to barter with the photos and assigns value to each photo based on the net worth of the person in the photo. She turns a tidy profit in all four locations by collecting and exchanging these famous client photos. Answer the following questions about Desiree’s business: Doggone Gorgeous is a multinational company. true false The signed photographs of clients and their dogs constitute money. true false

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