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Q 1/31
Score 0
Which is the best example of specialization?
30
A surf shop lowers the price on swimsuits.
An assistant in a tailoring shop only replaces zippers.
An online clothing outlet offers customized monograms.
A dry cleaner spends extra time on grease spots.
Q 2/31
Score 0
How does division of labor increase productivity?
30
Workers can be paid a lower wage.
Workers require minimal training.
Workers move o/en from job to job.
Workers become experts at one task.
31 questions
Q.
Which is the best example of specialization?
1
30 sec
Q.
How does division of labor increase productivity?
2
30 sec
Q.
What is the main reason Americans specialize more today than the early pioneers did?
3
30 sec
Q.
In a voluntary exchange, why do people give something up?
4
30 sec
Q.
How does the Commerce Clause promote economic interdependence? "the Congress shall have Power to . . . regulate Commerce . . . among the several States" -Article I, Section 8, U.S. Constitution
5
30 sec
Q.
What does it mean to say that Jen has a comparative advantage over Julian for weeding people's gardens?
6
30 sec
Q.
Which of these is the main reason for national differences in comparative advantage in producing raw materials?
7
30 sec
Q.
Why has much clothing manufacturing moved from the United States to other countries?
8
30 sec
Q.
How does trade increase the value of an item?
9
30 sec
Q.
Which term best describes the fact that we depend on others to produce most of the goods and services we want?
10
30 sec
Q.
Which of the following would likely discourage specialization in an area?
11
30 sec
Q.
The development of skills in one aspect of a job is called
12
30 sec
Q.
Which of the following is true of self-sufficient societies?
13
30 sec
Q.
An athletic person picks fruit, and their sociable friend sells the fruit. This is an example of
14
30 sec
Q.
An economy can produce more with the same inputs of land, labor, and capital when people
15
30 sec
Q.
According to James Gwartney, Richard Stroup, and Dwight Lee in "Common Sense Economics," what is the foundation of trade?
16
30 sec
Q.
When people specialize and trade, they
17
30 sec
Q.
Why did the United State's founding fathers set up trade barriers to limit interstate trade?
18
30 sec
Q.
Susan can score seven goals, whereas Rob can score five. Susan has
19
30 sec
Q.
When does a person have a comparative advantage?
20
30 sec
Q.
How do you start calculating a person's comparative advantage?
21
30 sec
Q.
________ based on comparative advantage benefits both trading partners.
22
30 sec
Q.
Which of the following could contribute to a na on having a compara ve advantage over another nation?
23
30 sec
Q.
Economist Michael Bade defined wealth as
24
30 sec
Q.
What is one reason trade makes people wealthier?
25
30 sec
Q.
How does trade increase the value of goods?
26
30 sec
Q.
Which of the following is true of the American economy and trade?
27
30 sec
Q.
How can global trade function as a disadvantage for some people?
28
30 sec
Q.
How does trade increase the variety and quantity of goods available?
29
30 sec
Q.
Because trade expands the market for products, it can
30
30 sec
Q.
How do people and nations gain from specialization and trade?