Freight Forwarding 1 multiple choice day 2
Authored by Willie Pope
Life Skills
University
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21 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An economic theory that holds that nations will trade with one another as long as they can produce certain goods relatively more efficiently than one another is called a .
Complete Advantage
Constant Advantage
Compatible Advantage
Comparative Advantage
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the United Kingdom has an Absolute Advantage in the production of Wheat and Machinery over Brazil, why would they trade with them?
Because Brazil specializes in wheat production where it is more efficient
The UK shift to the manufacturing of machinery where they are more efficient
By trading with Brazil the UK gets more wheat to consume and maintains their level of machinery they need domestically
All of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ford Motor Company produces cars and has the ability to manufacture steel, aluminum and airbags, but buys them from outside manufacturers. Even though they have a Comparative Advantage why do they chose to buy from these other companies?
Ford can layoff high cost labor
Ford can focus on auto production
The other companies can produce them relatively more efficiently
Both A and C
Both B and C
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a country has a Comparative Advantage over other countries with a greater abundance of one of the factors of economic production this theory is called the .
Factor Engagement
X Factor
Factor Endowment
Factor Endorsements
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Factor Endowment is based on comparing the effectiveness of a country at using its .
Ability to reduce cost
Labor to produce the goods
Ability to charge a higher price
Labor for value added services
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under the Factor Endowment Theory is Japan better at producing cars over rice?
Japan has an abundance of capital
Japan lacks the available land to efficiently produce rice
Japan has an aging work force
All of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under the Factor Endowment Theory Argentina has a thriving cattle and beef industry because they have an abundance of .
Cows
Grazing Land
Clean Energy
Slaughter Houses
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