U.S. & International Trade

Which of the following was NOT included in the original six members of the European Community?

• Belgium

• France

• Ireland

• Italy

When was the World Trade Organization established?

• 2005

• 1995

• 1985

• 1975

Which of the following is NOT a level of economic integration?

• Political union

• Custom union

• Free trade

• Political democracy

Which of the following is the formula for determining a country’s balance of trade?

• Total exports - total imports

• Total exports + total imports

• Total exports x total imports

• Total exports ÷ total imports

About how much of the total federal budget does foreign aid account for?

• 1%

• 5%

• 10%

• 15%

The comparison of the amount of foreign currency taken into a country versus the amount of domestic currency paid out is called:

• Foreign exchange rate

• Payment exchange rate

• Balance of trade

• Balance of payments

Which of the following is NOT a way money moves from one country to another?

• Tourism

• Foreign investments

• Foreign policy development

• Imports and exports

Which of the following accurately defines quota?

• A special tax placed on foreign goods sold in the U.S

• A method used to stop the shipment of certain products to or from particular countries

• A packing and shipping regulation for hazardous products

• A fixed limit on the amount of import or export of a product

Which of the following accurately defines a tariff?

• A special tax placed on foreign goods sold in the U.S.

• A method used to stop the shipment of certain products to or from particular countries

• A packing and shipping regulation for hazardous products

• A fixed limit on the amount of import or export of a product

Which of the following accurately defines embargo?

• A special tax placed on foreign goods sold in the U.S.

• A method used to stop the shipment of certain products to or from particular countries

• A packing and shipping regulation for hazardous products

• A fixed limit on the amount of import or export of a product