Trade: Review

Which of the following is the best definition of trade?

• To exchange goods and services

• To give someone what they want

• To take control of an area by forced

• To move to another country

When you _________ a good, you buy it and bring it into a country.

• Import

• Export

When you ________ a good, you sell it and send it to another country.

• Import

• Export

Another word for tariff is a-

• Trade

• Tax

• Discount

• Country

A tariff (tax) is placed on an __________ good.

• Import

• Export

Nissan Skyline is a car that is imported to the U.S. from Japan. Based on this description, which country is the car going in to?

• The U.S.

• Japan

The U.S. exports about 3 tons of soybeans to Egypt each year. Based on this description, which country are the soybeans leaving out of?

• The U.S.

• Egypt

Which of the following statements are true?

• Countries usually export when they have a shortage and import when they have a surplus

• Countries export when they have a surplus and import when they have a shortage

• When a county brings in goods from other countries they are exporting, but if they send goods out they are importing

• Countries can only import or export, not both

How do you expect the U.S. will most likely respond to the issue in the image?

• The U.S. will most likely import chips from other countries

• The U.S. will most likely export chips to other countries

• The U.S. will most likely stop selling chips in the U.S.

• The U.S. will most likely decrease the price of chips

How will the Philippines most likely respond to the issue in the image?

• The Philippines will most likely import mangoes from other countries

• The Philippines will most likely export mangoes to other countries

• The Philippines will most likely increase the price of mangoes

• The Philippines will ban (stop) consumers from buying mangoes