Vtrade SW Asia

Multiple Choice

What is Voluntary Trade?

• Voluntary trade is a government-mandated exchange of goods.
• Voluntary trade occurs only in a barter system without money.
• Voluntary trade is the forced exchange of goods under duress.
• Voluntary trade is the exchange of goods or services between countries based on an agreement in which both benefit.

Match

Match the following

• Israel specializes their economy in

• Saudi Arabia specializes their economy in

• Japan specializes their economy in

Diamonds

Oil

Electronics

• Diamonds

• Oil

• Electronics

Match

Match the following

• A tax on imported goods

• A limit on imported goods

• A complete ban on trade

Tariff

Quota

Embargo

• Tariff

• Quota

• Embargo

Multiple Choice

What is currency?

• Currency is a form of digital art.
• Currency is something that is assigned value and can be used to purchase goods and services in a market.

• Currency is a type of investment.
• Currency is a government-issued identification.

Multiple Choice

Why is a system of currency exchange necessary for international trade?

• It allows countries to trade without any currency at all.
• It simplifies the process of printing more money for trade.
• It eliminates the need for tariffs and trade agreements.
• Countries have different forms of currency, so international trade requires a system for exchanging currencies between nations so that money from one country can be converted into the currency of another country to pay for goods.

Multiple Choice

What is the purpose of OPEC?

• To increase oil prices for consumers.
• To promote renewable energy sources.
• To regulate global gas prices.
• To coordinate and unify petroleum policies among member countries.