What does it mean if a country has a trade surplus?

its exports are greater than its imports

its imports are greater than it exports

Why purpose do protective tariffs serve?

to protect local producers from foreign competitors

keep prices of foreign goods low

to help encourage trade between countries

to limit the amount of goods going out of the country

Protectionists don't like free trade because it

forces local companies to cut costs or go out of business

results in worse working conditions and lower safety standards

causes too many restrictions on trade with other countries

makes all domestic (made here) goods lower quality compared to foreign goods

When the dollar is weak...

exports go up & imports go down

imports go up & exports go down

protective tariffs are more likely

What is one way NAFTA has affected Americans?

it has created temporary job loss

Import quotas and voluntary export restraints both

limit the number of goods going into a country

allow goods to pass freely across borders

The U.S. and the Global Economy

Authored by Lisa Bales

Other

8th Grade - University

Used 59+ times

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24 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a big reason why international trade has increased so much in the past 50 years?

improvements in transporation

larger, cheaper goods being traded

tighter airport security

crackdown on piracy in international waters.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which service would be considered a U.S. export?

a U.S. business traveler stays in a hotel in Australia

a French movie attracts large crowds at U.S. theaters.

a Dutch family hosts a high school student from the U.S.

A German student pays tuition to attend college in the U.S.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Most economists...

support free trade

support import quotas

support trade embargoes

support all trade restrictions

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following represents a trade deficit?

exports equal imports

exports are greater than imports

imports are greater than exports

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which concept explains why a country would both import and export a particular type of good?

comparative advantage

import quota

product differentiation

voluntary restraints

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do economists generally feel about the global economy?

They dislike it because it causes unemployment

They support it because they feel the benefits outweigh the costs

They are indifferent to it because its effects are inconsistent.

They believe it benefits smaller countries more than larger one.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which has NOT contributed to the rapid increase in global trade?

the decrease in the demand for agricultural goods

the development of more advanced jet planes

the use of satellite systems to communicate with internet and cell phones

the shift of trade to lighter manufactured goods

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The U.S. and the Global Economy

What is a big reason why international trade has increased so much in the past 50 years?

Which service would be considered a U.S. export?

Most economists...

Which of the following represents a trade deficit?

Which concept explains why a country would both import and export a particular type of good?

How do economists generally feel about the global economy?

Which has NOT contributed to the rapid increase in global trade?

What does it mean if a country has a trade surplus?

When a country can produce a good or service at a lower opportunity cost than its competitors can

If you like to buy American made cheese and cheese made in France, we know cheese is

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