Engage with the International Trade Mock Test Quiz: Trivia! Explore key concepts like autarky, terms of trade, and gains from trade. This quiz assesses understanding of how trade impacts national consumption and production, emphasizing the role of comparative advantage. Ideal for students and professionals in economics and international business.
the countries’ production possibilities curve
The autarky equilibrium
He length of time two individuals or countries have been trading
The exchange rates of two goods
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Tariffs
Self-sufficiency
Autarky equilibrium
Comparative advantage
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A country’s consumption possibilities are the same as its production possibilities
Equilibrium has been reached with the maximum gains from specialization and trade
Equilibrium has been reached with the maximum amount of international trade
The nation has such a high standard of living that there are technically no poor people
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The domestic price will prevail, and the world price is irrelevant
The country’s import line is horizontal
The country’s exports of the product will increase
Can not be determined
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The same as its production possibilities frontier only if there is no international trade
Never the same as its production possibilities frontier
The same as its production possibilities frontier only if there is advantageous trade
Always the same as its production possibilities frontier
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When each country has its own comparative advantage
If one country has absolute advantages in the production of every good
When the opportunity costs of producing each good are equal for both trading partners
If total world production equals total world consumption
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Exists only when one producer can make the product using fewer resources than any other producer
Leads to the most efficient allocation of resources and the greatest combined output
Eliminates specialization, so that each country produces all of its own needs independently
All the above are correct
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Some countries have educated, trained workers, which other countries have unskilled workers
Tastes and preferences tend to be different in different countries
The world price of a good is determined by the world supply and demand for the product
There is no reason for specialization
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The wealth of large, industrialized nations can be spread throughout the world
Total world output increases when each country specializes
Countries can boost their economies by increasing exports
All the above
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