International Trade

International Trade

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Multiple Choice

Involves the exchange of goods and services between nations.

• trade barriers

• International trade

• free trade

• International diplomacy

Multiple Choice

Import means

• buying goods from another country

• selling goods to another country

• only making one kind of product

Multiple Choice

Export means

• buying goods from another country

• selling goods to another country

• only making one kind of product

Multiple Choice

The measure of how much one currency is worth in relation to another.

• change rate

• exchange rate

Multiple Choice

A document that states a promise to pay a set amount by a certain date is a/an

• bond

• promissory note

• bill of exchange

• letter of credit

Multiple Choice

When a country exports more than it imports.

• trade surplus

• trade deficit

Multiple Choice

Which is the most BASIC difference between international trade and domestic trade?

• Trade barrier is often likely to appear when trading

• Transporting risks cause greater loss to international trade than domestic trade

• Different payment is concerned to be a case

• International trade refers to different countries while domestic trade refers to different regions

Multiple Choice

Which of the following is a form of trade barrier?

• Quota

• Embargo

• Tariff

• All of the above

Multiple Choice

This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.

• Tariff

• Quota

• Embargo

• Subsidy

Multiple Choice

This trade barrier limits the number of products that can be brought into a country.

• Tariff

• Quota

• Embargo

• Subsidy