Ec2080 Chapter 18 Quiz Solutions

Written: Jan 13, 2019 4:57 AM - Jan 13, 2019 5:30 AMSubmission ViewYour quiz has been submitted successfully.Question 12 / 2 pointsGoods and services that the United States buys from other nations are calledA) world goods.B) bartered goods.C) exports.D) imports.E) exchanges.Question 22 / 2 pointsThe fundamental force that drives trade between nations isA) comparative advantage.B) absolute advantage.C) the government.D) NAFTA.E) legal treaties.Question 32 / 2 pointsThe United States imports t-shirts becauseA) it is a dangerous job to produce them.B) foreign economies have an absolute advantage in their production.C) the United States must import goods and services from other countries so that they can develop economically.D) the United States has a lower opportunity cost of production.E) foreign nations have a lower opportunity cost of production.Question 42 / 2 pointsAirlines in other countries buy airplanes from Boeing because A) it is illegal to produce airplanes in many other countries.B) Boeing's prices are less than what the airlines would pay for planes built in their own country.C) trade treaties require such purchases.D) these nations must buy something from the United States.E) None of the above answers is