International Trade Quiz 2021

International Trade Quiz 2021

9th - 12th Grade

22 Qs

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Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Jennifer Gee

Used 14+ times

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The more individuals and nations specialize and trade, the more dependent they become on each other to supply their basic wants.

interdependence

comparative advantage

specialization

absolute advantage

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A situation in which people produce a narrower range of goods and services than they consume.

interdependence

comparative advantage

specialization

absolute advantage

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ability to produce a good or service at a lower opportunity cost than some other producers.

interdependence

comparative advantage

specialization

absolute advantage

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ability to produce more units of a good or service than some other producer, using the same amount of resources.

interdependence

comparative advantage

specialization

absolute advantage

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The part of a nation's balance of payments accounts that deals only with its imports and exports of goods.

Balance of Trade

Balance of Payments

Trade Surplus

Trade Deficit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The record of all transactions between individuals, firms and governments of one country with those in all other countries in a given year, expressed in monetary terms.

Balance of Trade

Balance of Payments

Trade Surplus

Trade Deficit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When exports exceed imports, a nation is said to have a __________________.

Balance of Trade

Balance of Payments

Trade Surplus

Trade Deficit

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