International Trade Concepts Quiz

International Trade Concepts Quiz

12th Grade

•

51 Qs

quiz-placeholder

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International Trade Concepts Quiz

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Practice Problem

•

Easy

Created by

Aaron Alvarado

Used 1+ times

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51 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What concept did Adam Smith introduce regarding international trade?

Comparative advantage

Protective tariffs

Absolute advantage

Revenue tariffs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the modern concept that describes a country's ability to produce products more efficiently and at a lower opportunity cost than other countries?

Absolute advantage

Protective tariffs

Comparative advantage

Revenue tariffs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT listed as an advantage of international trade?

Greater world output

Increased political stability

Faster economic growth

Displacement of select industries and workers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some ways of restricting trade mentioned in the text?

Enacting protective and revenue tariffs, establishing quotas

Requiring licenses and citing health concerns

Placing embargos and requiring inspections

All of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who are the individuals that want to protect domestic producers against foreign competition?

Free traders

Comparative traders

Protectionists

Absolute traders

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The use of trade barriers only works if:

Other nations respond with barriers of their own

Domestic industries are fully self-sufficient

International trade is unrestricted

Other nations do not respond with barriers of their own

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the foreign exchange rate?

The price of one country's currency in terms of goods and services

The price of one country's currency in terms of another's

The interest rate charged for international trade loans

The tax imposed on foreign goods

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