International Trade and Economics

If one US dollar was valued as 0.97 EU Euro last year, but this year is valued as 1.03 EU Euros. Did the dollar appreciate or depreciate?

• Neither

• Appreciated

• Depreciated

• I don’t know

What countries are involved in NAFTA?

• United States, Canada, Mexico

• Brazil, Mexico, United States

• Mexico, Latin America, United States

• Canada, United States, Latin America

All of the following are examples of trade barriers, except?

• Standard

• Trade Bloc

• Subsidy

• Embargo

Excluding ____________, trade barriers are normally created to help protect domestic industry or domestic jobs.

• Standards

• Balance of Trade

• Embargoes

• Tariffs

This refers to free trade agreements among countries in a region.

• Trade Agreement

• Trading Bloc

• Trading Commission

• Trade Association

Which of the following is an argument for free trade?

• Common currency

• Protecting domestic employment

• Free movement of workers

• Facilitate trade among members

This refers to the unrestricted flow of goods and services between countries.

• Free trade

• Trade barriers

• Trade bloc

• Trade

When one individual, business, or country has the lowest opportunity cost ratio for producing the good or service is known as:

• Absolute Advantage

• Comparative Advantage

• Trade Surplus

• Balance of trade

Limits the quantity of a good imported into a country.

• Quota

• Standards

• Tariff

• Embargo

When a country wants to cut some or all trade off with another country as a punishment, they will place what on the other country?

• Embargo

• Tariff

• Trade Barriers

• Trade Bloc