Globalisation and international issues (Difficult) Quiz Home › IELTS › IELTS English Vocabulary › Globalisation and international issues (Difficult) 📝 IELTS – English Vocabulary – Globalisation and international issues – Difficult 20 questions · 15 min timer · Explanations included · Free 1. Which of the following is a characteristic of a command economy? Market-driven prices Government-controlled production Consumer choice Private ownership None Show Hint A command economy is characterized by government-controlled production and distribution of goods. Market-driven prices and consumer choice are features of a market economy. 2. What is the term for the economic theory that suggests countries should specialize in producing goods where they have a lower opportunity cost? Comparative Advantage Absolute Advantage Competitive Advantage Strategic Advantage None Show Hint Comparative advantage is the economic theory suggesting that countries should specialize in producing goods where they have a lower opportunity cost. Absolute advantage focuses on the overall productivity of a country. Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Loading questions... Click Submit to see your final score! Previous Start Quiz Next Time's up
