Unit 3 Global Economy Practice Test

Front

Which of the following is not a barrier for trade used in economic activities? Tariff, Quota, GDP, Embargo

Back

GDP

Front

The goods and services a nation produces and then sells to other nations

Back

Export

Front

International trade involves both imports and ________________.

Back

exports

Front

The goods and services a nation buys from other nations

Back

Imports

Front

A tariff will ________ the price of imported goods.

Back

increase

Front

Country X produces more manufactured goods than Country Y. It is said Country X has a __________________ over Country Y.

Back

Absolute Advantage

Front

A tariff is a _________ charged for goods that leave or enter a country.

Back

tax

Front

The United States produces manufactured goods more efficiently than another country. The US has a __________________ advantage over that country.

Back

comparative

Front

Government restrictions on international trade decreasing efficiency.

Back

Trade Barrier

Front

Government-imposed restriction that limits the number of goods that a country can import during a particular period.

Back

Import Quota