Ec2100 Microeconomics Topic 05 Quiz

Top of Form Written Apr 5, 2018 128 AM - Apr 5, 2018 200 AM Submission View Your quiz has been submitted successfully. Question 11 / 1 pointGoods and services that the United States buys from other nations are called HTMLCONTROL Forms.HTMLOption.1 A) exchanges. HTMLCONTROL Forms.HTMLOption.1 B) bartered goods. HTMLCONTROL Forms.HTMLOption.1 C) world goods. HTMLCONTROL Forms.HTMLOption.1 D) imports. HTMLCONTROL Forms.HTMLOption.1 E) exports. Question 21 / 1 pointThe United States exports HTMLCONTROL Forms.HTMLOption.1 A) manufactured goods only. HTMLCONTROL Forms.HTMLOption.1 B) goods only. HTMLCONTROL Forms.HTMLOption.1 C) only agricultural products and high-tech goods. HTMLCONTROL Forms.HTMLOption.1 D) services only. HTMLCONTROL Forms.HTMLOption.1 E) goods and services. Question 31 / 1 pointThe fundamental force that drives trade between nations is HTMLCONTROL Forms.HTMLOption.1 A) comparative advantage. HTMLCONTROL Forms.HTMLOption.1 B) the government. HTMLCONTROL Forms.HTMLOption.1 C) absolute advantage. HTMLCONTROL Forms.HTMLOption.1 D) legal treaties. HTMLCONTROL Forms.HTMLOption.1 E) NAFTA. Question 41 / 1 pointA nation has a comparative advantage in a good when it has a HTMLCONTROL Forms.HTMLOption.1 A) lower absolute cost of producing the good. HTMLCONTROL Forms.HTMLOption.1 B) tariff in place protecting the producers of the good. HTMLCONTROL Forms.HTMLOption.1 C) higher opportunity cost of producing the good. HTMLCONTROL Forms.HTMLOption.1 D) lower opportunity cost of producing the good. HTMLCONTROL Forms.HTMLOption.1 E)