Question

Why is a system for exchanging currencies necessary for international trade?(1 point) Responses To control the global money supply To control the global money supply To increase trade barriers To increase trade barriers To manage price stability and currency risk To manage price stability and currency risk To create a universal method for accurate currency exchange To create a universal method for accurate currency exchange Question 2 Because countries cannot produce all of the goods/services that it needs, they must(1 point) Responses Reduce the need for imports Reduce the need for imports Specialize and trade on a global scale Specialize and trade on a global scale Eliminate consumption of scarce goods. Eliminate consumption of scarce goods. Increase domestic production costs Increase domestic production costs Question 3 Which country in Southeast Asia has a higher GDP than the United States due to its specialization in the financial services sector?(1 point) Responses Vietnam Vietnam Thailand Thailand Malaysia Malaysia Singapore

Answer 1

Q1: To create a universal method for accurate currency exchange

Q2: Specialize and trade on a global scale

Q3: Singapore