Specialization and trade Study guides, Class notes & Summaries

WGU D080 Exam – Questions & 100% Correct Answers WGU D080 Exam – Questions & 100% Correct Answers What is globalization? - ANSWER - When international integration arises from the interchange of world views, products, ideas, and other aspects of cultures. different types of Globalization - ANSWER - 1. Economic 2. Political 3. Cultural Advantages of Economic globalization - ANSWER - more trade, investments, information technology, faster economic development, and increased social...

WGU D080 study for OA With Complete Solutions ACTUAL EXAM Q&A Graded A+ Latest Update WGU D080 study for OA With Complete Solutions What is globalization? - Answer as international integration arising from the exchange of world views, products, ideas, and other aspects of culture. What is Culture Globalization? - Answer refers to the transmission of ideas, meanings, and values around the world in such a way that extends and intensifies social relations. What is Politic...

AGB 302 QUIZ 3 LATEST UPDATE GRADED A Free Trade refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country New trade theory Stresses that in some cases countries specialize in the production and export of particular products because the world market can support only a limited number of firms Mercantilism supports the idea that countries should export more than what they import adam smith argued that countries...

Chapter 01 The Economic Problem     
Multiple Choice Questions
  1. What do economists mean when they say that the economy faces scarcity? 
A. There are fewer resources available than there were in the 1960s.
B. It is quite evident that the world is running out of resources.
C. The economy is producing far below its capacity to produce.
D. The resources available are not sufficient to produce all that everyone wants.   
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Test Bank for Economics 4th Edition by Paul Krugman 1. A simplified representation that is used to study a real situation is called a(n): A) model. B) production possibility frontier. C) assumption. D) trade-off. 2. The models that economists construct: A) usually make simplifying assumptions. B) often rely on physical constructs, such as those used by architects. C) rarely use mathematical equations or graphs. D) attempt to replicate the real world. 3. When building a mod...

Test Bank For Economics Principles Policy 14th Edition by William Baumol True / False 1. Both parties gain in a voluntary exchange. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Scarcity, tradeoffs, and o - DISC: Scarcity, tradeoffs, and opportunity cost NATIONAL STANDARDS: United States - BPROG: Analytic ACCREDITING STANDARDS: The study of economics, and defi - The study of economics, and definitions of economics TOPICS: DISC: Gains from tra...

Chapter 1 ("Globalizing Business") Competency 3012.1.1: Business Decision Making in the Global Environment The graduate analyzes economic forces and operations of global markets in order to improve decision making. Global business refers to business that is conducted around the world. It is important to study global business in order to understand what determines the success and failure of businesses around the globe. Two core perspectives on global business are the institution-based pers...

BCOR 1015 Final Questions and Answers Graded A What are Hayeks views on planning and decision making? he believes in decentralized knowledge HAYEK: what is decentralized knowledge? spreading knowledge amongst people is Hayek against centralization? yes HAYEK: how does the price system coordinate resources? price signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? signals wrapped up in incentives; prices can consta...

TAMU ECON 203 Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A+ What are 3 gains from society when countries decide to specialize? -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. True What are 2 gains when two countries engage in specialization and trade? -total production increases -new points reached on the PPF that were originally unattainable ...

What are 3 gains from society when countries decide to specialize? CORRECT ANSWER -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. CORRECT ANSWER True What are 2 gains when two countries engage in specialization and trade? CORRECT ANSWER -total production increases -new points reached on the PPF that were originally unattainable What are the 4 characteristics of competitive markets...