Globalization
A) is the growing integration of the national economies of the world to such an extent that a single worldwide economy may be emerging.
B) is any type of foreign trade.
C) is specifically foreign trade between countries that have entered into a formal free trade agreement.
D) will necessarily lead to higher unemployment rates in the United States.
A
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When a nation starts importing a good or service, the domestic production of the good or service
A) decreases. B) stays the same. C) increases. D) might change, but more information about what the country exports is needed to determine if production increases, decreases, or does not change. E) might change, but more information about what else the country imports is needed to determine if production increases, decreases, or does not change.
Refer to Table 2-9. Does either Japan or Thailand have an absolute advantage and if so, in what product?
A) Thailand has an absolute advantage in rice. B) Japan has an absolute advantage in wristwatches. C) Japan has an absolute advantage in rice. D) Thailand has an absolute advantage in both products.