Visible & Invisible Trade Review

What is international trade?

• The exchange of goods or services between two or more countries

• The exchange of goods or services between continents

• The exchange of goods or services within a country

• The exchange of goods or services between cities

What is the difference between visible and invisible imports and exports?

• Visible trade refers to imports while invisible trade refers to exports

• Visible trade refers to services while invisible trade refers to goods

• Visible trade refers to goods while invisible trade refers to services

• Visible trade refers to exports while invisible trade refers to imports

What is the principle of comparative advantage?

• A country produces products with higher comparative cost of production

• A country produces products with lower comparative cost of production

• A country produces products with no cost of production

• A country produces products with equal cost of production

What is the balance of trade?

• The difference between the value of goods a country exports

• The total value of goods a country exports

• The difference between the value of goods a country imports and exports

• The total value of goods a country imports

What does a favorable balance of trade indicate?

• Imports exceed exports resulting in a deficit

• Imports exceed exports resulting in a surplus

• Exports exceed imports resulting in a surplus

• Exports exceed imports resulting in a deficit

What are the main components of international trade?

• Goods and services

• Goods and money

• Services and money

• Goods, services, and money

What is the name given to all goods brought into a country?

• trade

• exports

• visibles

• imports

The Bahamas government hires 50 nurses from Cuba to work at PMH. What is this an example of?

• Visible Import

• Visible Export

• Invisible Import

• Invisible Export

American tourists buy conch to take back to their country.

• Visible Import

• Visible Export

• Invisible Import

• Invisible Export

A cruise ship from Canada docks at Prince George Wharf and pay the docking fee.

• Visible Import

• Visible Export

• Invisible Import

• Invisible Export