International Trade

International Trade

Assessment

Flashcard

Business

KG - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

What is the definition of 'International Trade'?

Back

The buying and selling of goods and services between different countries

2.

FLASHCARD QUESTION

Front

Which of these is a Barrier to Trade? a Quota, Expensive Products, Cost of Living, Shark Infested Waters

Back

a Quota

3.

FLASHCARD QUESTION

Front

The EU is an example of

Back

A Trading Bloc

4.

FLASHCARD QUESTION

Front

The ability of a country to produce goods at a lower opportunity cost than another country is called

Back

Comparative advantage

5.

FLASHCARD QUESTION

Front

Tax on imported goods is known as

Back

Tariff

6.

FLASHCARD QUESTION

Front

Physical control to ban the imports of certain goods because of economics, social and politics is known as

Back

Embargo

7.

FLASHCARD QUESTION

Front

The producer that can produce the most output OR requires the least amount of inputs (resources)

Back

Absolute Advantage

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