7. Open Economy and Development
International Trade — Quiz
Test your understanding of international trade with 5 practice questions.
Practice Questions
Question 1
Which of the following is a primary benefit of international trade?
Question 2
What concept explains why a country might produce a good even if another country can produce it using fewer resources?
Question 3
A country imposes a tariff on imported steel. What is a likely immediate effect of this policy?
Question 4
Which of the following is an example of a non-tariff barrier to trade?
Question 5
If Country A can produce 10 units of wheat or 5 units of cloth, and Country B can produce 8 units of wheat or 4 units of cloth, which country has a comparative advantage in wheat?