Question

In: Economics

1. Countries are _____ when they buy products and services from other countries. A. exporters B....

1. Countries are _____ when they buy products and services from other countries.
A. exporters
B. retailers
C. importers
D. wholesalers

2. Which is true of an Absolute Advantage?
A. You are the only producer or source of the product.
B. You can produce the product with less resources than others.
C. This advantage does not last long.
D. all of the above

3. Opportunity cost means:
A. what you give up to make the product
B. what you will gain by making the product
C. how much society will pay for the product
D. none of the above

4. If a country sells more product than it buys, _____ exists.
A. a trade deficit
B. a trade surplus
C. a cost-cutting opportunity
D. all of the above

5. The United States has a ______________.
A. trade surplus
B. trade deficit
C. both of the above
D. none of the above

Expert Solution

Answer 1.) The correct option is C. Importers.

Explanation- when a country buys goods or services from other country, the country which buys goods called importers while the country sells goods to other country is called exporter.

Answer 2.) . The correct option is -

B. You can produce the product with less resources than others.

Explanation- absolute advantage is when a producer can produce a good in greater quantity for the same cost than other producer.

Answer 3.) The correct option is -

A. what you give up to make the product

Explanation- opportunity cost means the loss of one alternative when other alternative is chosen. opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services.

Answer 4 ) the correct option is-

B. A trade surplus

Explanation- a trade surplus occurs when the value of expected goods is higher than value of imports.

Trade surplus = X - M

Answer 5.) The correct option is

B. Trade deficit

Explanation - in 2019, the United States has a trade deficit of $47.2 billion

Rahul Sunny answered 2 years ago

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