Imports and Exports

The difference between the value of a country’s exports and the value of its imports

• Imports

• Free trade

• Balance of trade

• Exports

Goods and services produced domestically and sold in other countries

• Imports

• Globalization

• Tariffs

• Exports

The policy of eliminating barriers to international trade

• Global economy

• Balance of trade

• Exports

• Free trade

The system of economic interaction among the world's countries

• Free trade

• foreign exchange

• Global economy

• Imports

Goods and services produced in other countries and sold domestically

• Free trade

• Imports

• Tariffs

• Exports

A tax on imported goods designed to protect domestic producers from foreign competition

• Free trade

• Protective tariff

• Imports

• Exports

When a country can produce a good or service at a lower opportunity cost than its competitors can, it has

• An international advantage

• A comparative advantage

• An absolute advantage

• A global advantage

What country is the world's leading importer of goods and services?

• India

• Russia

• China

• The United State

What is one benefit of global trade for consumers in the United States?

• Global trade lowers the tax on foreign items

• Global trade lowers the price of goods

• Global trade increases U.S. wages for workers

• Global trade helps strengthen local economies

The difference between the value of a country's exports and the value of its imports is called

• Exchange rate

• Balance of trade

• Currency depreciation

• Trade surplus