27. Because it controls the world\'s diamond deposits, the DeBeers Consolidated

Question

27. Because it controls the world's diamond deposits, the DeBeers Consolidated Mines, Ltd, has a(n) a. absolute advantage. b. comparative advantage c. advantage based on efficient production. d. trade deficit. e. lot of diamonds. 28. Purchasing products or materials in other nations and bringing them into one's own country is a. trading. b. balancing. c. exporting. d. importing. e. dumping. 29. The United Kingdom sells industrial supplies and materials to many nations around the world. The United Kingdom thus engages in a. dumping. b. tariffing. c. importing d. exporting e. deficit trading. 30. General Motors and Ford products produced in the United States can be found in many countries around the world. The United States is a. tariffing b. importing these automobiles. d. releasing c. dumping 31. If the Republic of Trinidad and Tobago had total exports of $150 billion and total imports of $234 billion, the country had a a. comparative advantage. b. trade deficit c. balance of payments. d. negative output. e. positive balance of trade. An unfavorable trade balance is called a(n) a. balance of trade. b. trade deficit. 32. c. currency devaluation d. balance of payments e. import balance. When the United States levies a tax on textiles from India, this tax is a type of a. export duty b. barter. c. import 33. d. tariff c. responsibility

Explanation / Answer

Answer 27:

Answer 28:

(D) When you are purchasing products or materials in other nations and bringing them into one’s own country is called as Importing.

Answer 29:

(D) The United Kingdom is engaged in exporting because they sell the industrial supplies and materials to many nations around the world.

Answer 30:

Answer 31:

Answer 32:

(B) An unfavourable trade balance is called trade deficit because the cost of the country’s imports gets exceeded compared to exports.

Answer 33:

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