IB Chapter 3 Assessment--REVISION

Front

When a country can produce a good or service at a lower cost than other countries, they are said to have a (an)

Back

absolute advantage

Front

Domestic business refers to business activities needed for creating, shipping, and selling goods and services across national borders.

Back

False

Front

Without foreign trade, many things that you buy would cost more or possibly not be available at all.

Back

True

Front

Goods which are brought into a country are called

Back

imports

Front

if a country exports more than it imports, it has a

Back

trade surplus

Front

A country has an unfavorable balance of trade when it sends out more money than it brings in.

Back

True

Front

If South Korea exports 19.6 billion dollars worth of goods and imports 28.6 billion dollars worth of goods, they have a trade surplus.

Back

False

Front

The value of a currency in one country compared with the value of another is called a (an)

Back

exchange rate

Front

Goods and services sold to other countries are called

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exports

Front

Infrastructure refers to a nation's transportation and communication system.

Back

True