Globalisation and Trade (Edexcel A-Level Economics A): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the key difference between absolute and comparative advantage?
What is the key difference between absolute and comparative advantage?
Absolute: efficiency; Comparative: cost
If Ayesha sacrifices 6 pots for 12 bracelets, what is her opportunity cost per bracelet?
If Ayesha sacrifices 6 pots for 12 bracelets, what is her opportunity cost per bracelet?
pots per bracelet
How are the terms of trade calculated?
How are the terms of trade calculated?
What does a worsening in the terms of trade mean for a country?
What does a worsening in the terms of trade mean for a country?
Must export more for same imports
What causes short-run volatility in agricultural commodity prices?
What causes short-run volatility in agricultural commodity prices?
Weather and supply fluctuations
What is the price elasticity of demand for primary products typically described as?
What is the price elasticity of demand for primary products typically described as?
Relatively inelastic
What was China's share of world exports in 2020?
What was China's share of world exports in 2020?
12.13%
What percentage of the world's population did the BRICS countries contain?
What percentage of the world's population did the BRICS countries contain?
About 40%
What proportion of UK exports go to Europe and the USA combined?
What proportion of UK exports go to Europe and the USA combined?
70%
According to Heckscher-Ohlin theory, what determines a country's comparative advantage?
According to Heckscher-Ohlin theory, what determines a country's comparative advantage?
Relative factor endowments