Solution Manual For All Chapters CHAPTER_1_The_International_Economy_and_Globalization 1. Specialization is an advantage of a. large-scale production. b. monopolies. c. smaller production runs. d. high wages for foreign workers. ANSWER: a POINTS: 1 DIFFICULTY: Moderate QUESTION TYPE: Multiple Choice HAS VARIABLES: False NATIONAL STANDARDS: United States - BUSPROG: Diversity STATE STANDARDS: United States - PA - DISC: Gains from trade, speciali - DISC: Gains from trade, specialization and trade TOPICS: Introduction KEYWORDS: BLOOM'S: Understand DATE CREATED: 8/7/2018 1:59 AM DATE MODIFIED: 8/22/2018 3:21 AM 2. The definition of an open economy is that it a. allows private ownership of capital. b. has flexible exchange rates. c. has fixed exchange rates. d. conducts trade with other countries. ANSWER: d POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: Multiple Choice HAS VARIABLES: False NATIONAL STANDARDS: United States - BUSPROG: Diversity STATE STANDARDS: United States - PA - DISC: Gains from trade, speciali - DISC: Gains from trade, specialization and trade TOPICS: The United States as an Open Economy KEYWORDS: BLOOM'S: Understand DATE CREATED: 8/7/2018 4:37 AM DATE MODIFIED: 8/22/2018 3:21 AM 3. A primary reason why nations conduct international trade is because a. most goods and services are cheaper abroad. b. they can acquire the resources needed for domestic production. c. a global economy helps bring production and consumption together. d. certain goods and services can be obtained more economically through trade. ANSWER: d Copyright Cengage Learning. Powered by Cognero.
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