Instructions:

1) Only tick the correct option.

2) No need of detailed answer/No explanation.

3) Four images are uploaded see image and answers.

MULTIPLE CHOICE QUESTIONS( MCQS):

1.A primary reason why nations conduct international trade is because:*

a. Some nations prefer to produce one thing while others produce another

b. Resources are not equally distributed to all trading nations

c. Trade enhances opportunities to accumulate profits

d. Interest rates are not identical in all trading nations

2. A main advantage of specialization results from:*

a. Economics of large scale production

b. The specializing country behaving as a monopoly

c. Smaller production runs resulting in lower unit costs.

d. High wages paid to foreign workers

3. International trade forces domestic firms to become more competitive in terms of:*

a. The introduction of new products

b. Product design and quality

c. Product price

d. All of the above

4. International trade is based on the idea that:*

a. Exports should exceed imports

b. Imports should exceed exports

c. Resources are more mobile internationally than are goods

d. Resources are less mobile internationally than are goods

5.The real income of domestic producers and consumers can be increased by:*

a. Technological progress, but not international trade

b. International trade, but not technological progress

c. Technological progress and international trade

d. Neither technological progress nor international trade

6. The most recent wave of globalization, which began in the 1980s, has emphasized the outsourcing of:*

a. services and white-collar jobs

b. manufacturing and blue-collar jobs

c. natural resource extraction and mining jobs

d. agriculture and farming jobs

7. A country's openness to international trade can be measured by the formula*

a Exports + Imports + GDP

b. Exports - Imports - GDP

c. (Exports + Imports) / GDP

d. (Exports + Imports) X GDP