A Rock Carving from Ancient Norway Depicts Two Identical People

question 51

Multiple Choice

A rock carving from ancient Norway depicts two identical people doing different jobs in the same boat: one uses a bow to hunt while the other paddles. How does this early example illustrate the benefits of trade?

• A) One prefers to hunt while the other prefers to paddle the boat; this is an example of diverse preferences.
• B) One learns to be very good at paddling and one learns to be very good at hunting; this is an example of specialization and division of knowledge.
• C) The paddler is stronger than the hunter so the paddler sacrifices a lot by hunting; this is an example of comparative advantage.
• D) There is no trade in this example since no goods are being exchanged.

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Definitions:

Tractors

Agricultural machines used for plowing, tilling, and planting fields, as well as for hauling equipment.

Trade Deficit

An instance where the value of goods and services a country imports is greater than what it exports, causing a trade imbalance negatively.

Economic Colony

A region or country under the economic control or influence of another, often exploited for its resources.

Prime Exporter

A country or firm that is the leading seller of goods or services to foreign countries, thereby holding a significant share of international trade in certain commodities or products.