Sub-saharan Africa is a region that specializes in diamonds.3 dec. 2018
Contents
- 1 Which region specializes in diamonds?
- 2 What role does competition play in international trade?
- 3 What kind of advantage does a country have if it can make a product more inexpensively?
- 4 Which situation is the best example of opportunity cost quizlet?
- 5 Which statements best describes how globalization connects the world?
- 6 Which statement best describes how globalization affecting the world?
- 7 What if one country has absolute advantage in both goods?
- 8 Can a country have absolute advantage in both goods?
- 9 How do countries know when they have a comparative advantage in the production of a good?
- 10 Which is the best example of opportunity cost?
- 11 What is the benefit in reaching the absolute advantage in the production?
- 12 What kind of advantage does a country have if it can make a product?
Which region specializes in diamonds?
List of countries by diamond production
| Rank | Country/ Region | Diamond production (million carats) in 2016 |
|---|---|---|
| World | 121.7 | |
| 1 | Russia | 40 |
| 2 | Botswana | 20.9 |
| 3 | Australia | 13.9 |
What role does competition play in international trade?
What role does competition play in international trade ? It drives down prices for consumers.
What kind of advantage does a country have if it can make a product more inexpensively?
absolute advantage
Which situation is the best example of opportunity cost quizlet?
Which situation is the best example of opportunity cost ? A country chooses to produce bananas instead of wheat. How does specialization enable countries to trade with one another? A country can make and sell goods affordably and buy goods that it is inefficient at making.
Which statements best describes how globalization connects the world?
The correct answer is ” Globalization helps create new forms of transportation, communication and technology”.
Which statement best describes how globalization affecting the world?
The correct answer is letter B: The world is becoming more globalized and connected. Due to modern means of communication and transportation, the world is unified. Some researchers believe that globalization is a natural process by which technology advances.
What if one country has absolute advantage in both goods?
Even when one country has an absolute advantage in all products, trade can still benefit both sides. This is because gains from trade come from specializing in one’s comparative advantage .
Can a country have absolute advantage in both goods?
Even if one country is more efficient in the production of all goods ( has an absolute advantage in all goods ) than another, both countries will still gain by trading with each other. More specifically, countries should import goods if the opportunity cost of importing is lower than the cost of producing them locally.
How do countries know when they have a comparative advantage in the production of a good?
To calculate comparative advantage , find the opportunity cost of producing one barrel of oil in both countries . The country with the lowest opportunity cost has the comparative advantage .
Which is the best example of opportunity cost?
When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.
What is the benefit in reaching the absolute advantage in the production?
to produce fewer units of a good while using fewer resources.
What kind of advantage does a country have if it can make a product?
In economic terms, a country has a comparative advantage when it can produce at a lower opportunity cost than that of trade partners. While a country cannot have a comparative advantage in all goods and services, it can have an absolute advantage in producing all goods. 
