Trade Quiz

When countries talk about trading with each other, what do they mean?

• Sharing cultural values

• Exchanging services only

• Buying and selling things

• Traveling between countries

What is an export in the context of international trade?

• When a country buys something from another country.

• When a country sells something to another country.

• When a country prohibits the sale of certain goods.

• When a country exchanges goods for services.

What does a country do when it imports goods?

• It exports its own goods.

• It sells goods to international markets.

• It buys something from another country.

• It trades services for goods.

What does a country do when it exports goods?

• It imports its own goods.

• It sells something to another country.

• It buys something from the international markets.

• It trades services for goods.

What was one of the problems with the type of trading mentioned in the text?

• People could trade anything they wanted at any time.

• People could only make a trade if the other party wanted something they had.

• It was easy to agree upon how much each item was worth.

• Trading was not allowed between different regions.

What is the current universally accepted form of exchange?

• Barter system

• Cryptocurrency

• Coins and paper bills

• Digital transactions

What was the Silk Road?

• A network of trading routes that started in China and connected Asia with Europe.

• A historical monument located in Europe.

• A trade organization established in the modern era.

What was the first product to be sold along the Silk Road?

• Textiles

• Spices

• Silk

• Grains

What products did the Vikings export?

• Spices, silk, and wine

• Bear and beaver fur, bedding stuffed with feathers, and weapons

• Gold, silver, and bronze items

• Ships, carts, and horses

Why are exports important to a country's economy?

• They allow a country to dispose of excess goods.

• They enable a country to participate in international trade.

• They are important because they can help a country make a profit by selling too much of an item to another country.

• They are the primary means of acquiring new technologies.