Help on any of them would be greatly appreciated, I have most of the answers I just need to check them. I have to do good because my economics teacher hates me and wants me to fail if I pass this I can get my grade passing! I only have an hour before I have to turn it in please help!!
1. The existence of an international division of labor among countries enables those countries to have what?
(Points: 2)
A gross domestic product
Social welfare programs
Specialized production
Protectionist policies
2. Country X would have an absolute advantage over Country Y in the production of automobiles under what conditions?
(Points: 2)
Country X's workers earn higher wages.
Country Y subsidizes its automobile industry.
Country X can manufacture cars more cheaply.
Country Y has a protective tariff on car imports.
3. Country X would have a comparative advantage in the production of cotton under what circumstance?
(Points: 2)
Country X was able to impose a high tariff on cotton imported from other countries.
Country X had a large domestic textile and apparel industry that could use the cotton.
Country X didn't have to give up a more profitable form of production in order to grow cotton.
Country X could sell cotton more cheaply in the international marketplace than any other country.
4. Why does interdependence bring economic growth?
(Points: 2)
Interdependence strengthens governments, allowing great tax revenues.
Interdependence enables specialized production, which is more efficient.
Interdependence increases international competition, which leads to lower prices.
Interdependence creates greater protection for domestic producers, which enables them to raise prices.
5. Which of these best characterizes the flow of wealth during the period of colonization?
(Points: 2)
There was a one-way flow of investment from Europe to Asia.
There was uneven industrialization in favor of the underdeveloped colonies.
There was a one-way flow of wealth from the colonies to their colonial masters.
There was mutual benefit from the flow of goods back and forth between colonies and their colonizers.
6. Why does reducing trade barriers promote increased international trade?
(Points: 2)
Free trade leads to lower prices and greater sales.
The reduction of tariffs also lowers workers' wages.
The loss of subsidies causes businesses to increase profits.
The free market gives domestic producers an absolute advantage.
8. Why does globalization lead to a reduction in prices for goods and services?
(Points: 2)
Consumers buy less when there are more goods available on the market.
Globalization increases both supply and demand for all goods and services.
There is a decreasing marginal utility to goods produced in developing countries.
Competition for jobs drives down wages, which helps companies lower their prices.
9. Why do the actions of central banks have an important effect on the global economy?
(Points: 2)
Monetary policy is an important tool for protecting domestic industries.
Interest rates on government bonds are responsible for foreign investment.
The amount of capital mobility is dependent on regulations enforced by central banks.
Control of the money supply determines how much money is available for international trade.
10. Why is foreign aid given?
(Points: 2)
In order to help needy countries
In order to grow the global economy
In order to protect domestic industries
In order to stimulate foreign investment
12. Why does the IMF impose conditions on its loans?
(Points: 2)
To promote the free-market system
To rid the world of command economies
To help manage the economies of struggling countries
To impose uniform regulations on the international banking system
13. What is the main purpose of the loans made by the World Bank?
(Points: 2)
To help countries achieve sustainable development
To make profits for its shareholders
To help create multilateral trade agreements
To prevent future economic crises
14. How does the WTO promote global free trade?
(Points: 2)
By enforcing strict banking regulations
By creating multilateral trade agreements
By providing loans for sustainable development
By helping developing countries build their infrastructure
18. Why don't many developing countries benefit from the spread of free trade?
(Points: 2)
They have large trade deficits.
They have weak domestic industries.
They cannot afford to give
1. The existence of an international division of labor among countries enables those countries to have what?
(Points: 2)
A gross domestic product
Social welfare programs
Specialized production
Protectionist policies
2. Country X would have an absolute advantage over Country Y in the production of automobiles under what conditions?
(Points: 2)
Country X's workers earn higher wages.
Country Y subsidizes its automobile industry.
Country X can manufacture cars more cheaply.
Country Y has a protective tariff on car imports.
3. Country X would have a comparative advantage in the production of cotton under what circumstance?
(Points: 2)
Country X was able to impose a high tariff on cotton imported from other countries.
Country X had a large domestic textile and apparel industry that could use the cotton.
Country X didn't have to give up a more profitable form of production in order to grow cotton.
Country X could sell cotton more cheaply in the international marketplace than any other country.
4. Why does interdependence bring economic growth?
(Points: 2)
Interdependence strengthens governments, allowing great tax revenues.
Interdependence enables specialized production, which is more efficient.
Interdependence increases international competition, which leads to lower prices.
Interdependence creates greater protection for domestic producers, which enables them to raise prices.
5. Which of these best characterizes the flow of wealth during the period of colonization?
(Points: 2)
There was a one-way flow of investment from Europe to Asia.
There was uneven industrialization in favor of the underdeveloped colonies.
There was a one-way flow of wealth from the colonies to their colonial masters.
There was mutual benefit from the flow of goods back and forth between colonies and their colonizers.
6. Why does reducing trade barriers promote increased international trade?
(Points: 2)
Free trade leads to lower prices and greater sales.
The reduction of tariffs also lowers workers' wages.
The loss of subsidies causes businesses to increase profits.
The free market gives domestic producers an absolute advantage.
8. Why does globalization lead to a reduction in prices for goods and services?
(Points: 2)
Consumers buy less when there are more goods available on the market.
Globalization increases both supply and demand for all goods and services.
There is a decreasing marginal utility to goods produced in developing countries.
Competition for jobs drives down wages, which helps companies lower their prices.
9. Why do the actions of central banks have an important effect on the global economy?
(Points: 2)
Monetary policy is an important tool for protecting domestic industries.
Interest rates on government bonds are responsible for foreign investment.
The amount of capital mobility is dependent on regulations enforced by central banks.
Control of the money supply determines how much money is available for international trade.
10. Why is foreign aid given?
(Points: 2)
In order to help needy countries
In order to grow the global economy
In order to protect domestic industries
In order to stimulate foreign investment
12. Why does the IMF impose conditions on its loans?
(Points: 2)
To promote the free-market system
To rid the world of command economies
To help manage the economies of struggling countries
To impose uniform regulations on the international banking system
13. What is the main purpose of the loans made by the World Bank?
(Points: 2)
To help countries achieve sustainable development
To make profits for its shareholders
To help create multilateral trade agreements
To prevent future economic crises
14. How does the WTO promote global free trade?
(Points: 2)
By enforcing strict banking regulations
By creating multilateral trade agreements
By providing loans for sustainable development
By helping developing countries build their infrastructure
18. Why don't many developing countries benefit from the spread of free trade?
(Points: 2)
They have large trade deficits.
They have weak domestic industries.
They cannot afford to give