Globalization and Trade

Who is Canada's main trade partner?

• France

• Mexico

• The U.S.

• Great Britain

The political cartoon above is objecting to what economic controversy?

• The rapid expansion of jobs in the service industry.

• the unequal distribution fo wealth around the world.

• the increase of tariffs on American made product

• the outsourcing of jobs to foreign countries.

A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (money to assist an industry so prices can remain low).

• Free Trade

• Trade War

• Goods and Services

• Supply and Demand

The development of a worldwide economy where resources flow fairly freely across borders.

• Globalization

• Economy

• GDP

• Economic Independence

Who typically ends up paying tariffs?

• consumers

• The International Monetary Fund

• Congress

• Exporters

When the U.S. has a economic recession, it has a ripple down effect to China who exports goods to the U.S.and causes a economic recession in China as Americans are buying fewer goods. This relationship between China and the U.S. is called -

• economic interdependence

• multinational cooperation

• isolationism

• outsourcing

Which of the following was instrumental in creating the global economy that exists today?

• The use of high taxes for imports and exports

• Improvements in technology such as the Internet

• The creation of one form of currency (money) used to trade

• The success of the Communist governments in guiding trade

What is globalization?

• The increased flow of trade, people, technology, and culture among countries.

• The decreased flow of trade, people, technology, and culture among countries.

• The creation of one global empire and government under a single super power.

• The creation of a global cellular network to use phones internationally.

This is a tax on imports that is used to increase price of foreign products and raise government revenue. 

• tariff
• quota
• subsidy
• embargo

The Trump administration renegotiated NAFTA with Mexico and Canada. President Trump's renegotiated free trade agreement is called

• YMCA

• USMCA

• NAFTA 2.0

• NASCAR