Chapter 17-econ.

8 Questions | Total Attempts: 18

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Accounting Quizzes & Trivia

Questions and Answers
  • 1. 
    • A. 

      The ability to produce a product most efficiently given all the other products that could be produced

    • B. 

      The ability to produce more of a given product using a given amount of resources

    • C. 

      The idea that a nation is better off when it produces goods and services for which it has a comparative advantage

    • D. 

      A self-imposed limitation on the number of products shipped to a particular country

  • 2. 
    • A. 

      Import Quota

    • B. 

      Import

    • C. 

      Export

    • D. 

      Customs Duty

  • 3. 
    Trade barrier is a good that is brought in from another country for sale.
    • A. 

      True

    • B. 

      False

  • 4. 
    Export is a good that is sent to another country for sale.
    • A. 

      True

    • B. 

      False

  • 5. 
    Trade war is a cycle of increasing trade restrictions.
    • A. 

      True

    • B. 

      False

  • 6. 
    ______ _______ is a new industry.
  • 7. 
    ________ ____ is the value of a foreign nation's currency in terms of the home nation's currency.
  • 8. 
    • A. 

      Appreciation

    • B. 

      Trade Surplus

    • C. 

      Depreciation

    • D. 

      Increase in Money