What is one major drawback of economic specialization for countries?A.Countries must trade for essential goods outside of their specialization.B.Countries cannot join international trade organizations like the World Bank.C.Countries are forced to produce a wide variety of different products.D.Countries are required to pay more taxes on their specialized goods.

One of the major benefits of specialization is that:A.countries produce a much wider range of different goods.B.countries can focus on efficiently producing a small number of goods.C.countries become less reliant on voluntary exchange with others.D.countries are less likely to experience a division of labor.

Countries often benefit from specializing in a certain product because specialization:A.allows them to focus on making one product as efficiently as possible.B.decreases the price of natural resources needed to make a product.C.prevents other countries from trying to make similar products.D.ensures that they will not have to rely on trade for essential products.

A second disadvantage of specialisation and trade is that it may lead to    on imports and exports. One country that is now attempting to diversify their economy is   .

What is one major drawback of globalization?A.Trade between countries on different continents has become more expensive.B.Wealthy countries have become involved in more major military conflicts.C.Inflation rates have declined significantly because of increased global trade.D.Increased economic activity has had a negative effect on the environment.

Which situation best illustrates how global trade promotes specialization?A.A country ensures that it will not become too reliant on trade by producing all of its most essential goods.B.A country tries to create a trade surplus by producing a wide variety of products that other countries want.C.A country sets strict limits on the amount of goods it can export to other countries in a single year.D.A country focuses on developing software instead of growing food because it can import food from its neighbors.