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?

• Five percent
• Ten percent
• One percent
• Fifteen percent

Which term is used to describe the comparison of the amount of foreign currency taken into a country versus the amount of domestic currency paid out?

• 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