Grade 9 - International Trade

What is international trade?

• Trading within a single country

• Trading between neighboring countries only

• Trading between countries

• Trading between states within a country

Which of the following is an example of an imported good?

• A locally produced car

• A foreign-made smartphone

• A handcrafted local artwork

• A domestically grown apple

What is a tariff in international trade?

• A tax on domestic goods

• A restriction on trade

• A subsidy to foreign producers

• A tax on imported goods

Which of the following is a benefit of international trade?

• Reduced economic growth

• Limited consumer choices

• Increased prices of goods

• Access to a wider variety of products

What is a benefit of specialization in trade?

• Reduced availability of goods

• Increased efficiency and higher production

• Limited consumer choices

• Equal distribution of resources

What is the main goal of a free trade agreement?

• To increase tariffs on imported goods

• To restrict trade between countries

• To eliminate trade barriers and promote economic cooperation

• To encourage trade imbalances

What is a potential downside of trade liberalization?

• Limited access to foreign markets

• Reduced competition among domestic producers

• Job displacement in certain industries

• Lower prices for consumers

What benefit does international trade have on economic growth?

• Trade deficits leading to higher income levels

• Stimulation of economic growth and innovation

• Isolation from global markets

• Decreased consumer choices

Which of the following is a supranational trade organization?

• World Trade Organization (WTO)

• United Nations (UN)

• European Union (EU)

• International Monetary Fund (IMF)

What does the acronym APEC stand for?

• Asia-Pacific Economic Collaboration

• Asia-Pacific Economic Cooperation

• Asia-Pacific Economic Organization

• Asia-Pacific Economic Consumption