Business in the Global Economy

Goods and services sold to other countries are called _____.

• exports
• tariffs
• imports
• contraband

The difference between a country's total exports and total imports is called the _____.

• foreign debt
• balance of trade
• trade surplus
• trade deficit

A tax that a government places on certain imported products is called a(n) _____.

• quota
• embargo
• tariff
• divestiture

A limit that a government places on the quantity of a product that may be exported or imported during a given period is called a 

• tariff
• quota
• luxury tax
• trade surplus

The situation in which a country specializes in the production of a good or service at which it is relative more efficient is called _____ advantage.

• absolute
• comparative
• disabled
• disabled

A trade _____ is a restriction to free trade.

• deficit
• surplus
• barrier
• balance

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

When a government completely stops the import or export of a product, it is called a(n) _____.

• embargo
• quota
• tariff
• trade barrier

A(n) _____ company is an organization that does business in several countries.

• international
• global
• infrastructure
• multinational

Tags

CCSS.RI.11-12.8

CCSS.RI.9-10.7

CCSS.RL.11-12.8

CCSS.RL.8.7

CCSS.RL.9-10.7

Because of international trade, all nations of the world use the same banking system.

• True
• False

Which countries are NOT a part of the North American Free Trade Agreement (NAFTA)?

• Canada

• Mexico

• United States

• Panama