Question 1 (1.5 points)

Specialization of labor is rarely used in the global economy.

Question 1 options:
True
False
Question 2
Adam Smith argued that the division of labor represents an increase in productivity.

Question 2 options:
True
False
Question 3 (1.5 points)
Saving...
Which of the following is true regarding the fair trade movement?

Question 3 options:

It results in more expensive goods for the consumer.

It takes away jobs from Americans.

It only involves the trading of coffee.

It is not anti-globalization.

Question 4
Which of the following terms is used to describe the removal or simplification of government rules and regulations that constrain the operation of market forces to promote free trade?

Question 4 options:

protectionism

fair trade

deregulation

isolationism

Question 5 (1.5 points)
Saving...
Which of the following economic concepts has had the greatest influence in driving economic specialization?

Question 5 options:

comparative advantage

deregulation

trade surplus

free trade

Question 6

Switzerland can produce either 1 pound of cheese or 2 pounds of chocolate in an hour. In this example, what product is the opportunity cost per hour for Switzerland if they choose to produce only chocolate?

Question 6 options:

1 pound of chocolate

2 pounds of chocolate

1 pound of cheese

2 pounds of cheese

Question 7 (1.5 points)
Which of these terms refers to fewer government regulations and restrictions in the economy in exchange for greater participation of private entities?

economic liberalization

protectionism

comparative advantage

deregulation

Question 8
How do nations generally get goods that have a high opportunity cost?

Pay lower wages to produce them.

They do without them.

Trade for them.

Produce knock-offs.

Question 9 (1.5 points)
Saved
Which of the following groups of nations have seen massive economic growth due to government deregulation of economic restrictions?

Question 9 options:

BRIC

NAFTA

EU

NATO

Question 10

Goods with the highest opportunity costs are most efficient to produce.

Question 10 options:
True
False
Question 11 (1.5 points)

Karl Marx argued that division of labor and specialization may have this impact on the worker.

Question 11 options:

apathy and complacency leading to inefficiency

increased efficiency through repetition

leaving their jobs

pride in position and task

Question 12
Which of the following is another word for division of labor?

capitalism

cooperative labor

specialization

productivity