International Trade Practive

When a country imports more than it exports.

• Trade surplus
• Balance of trade
• Trade deficit
• Export deficit

We can also call a trade surplus a

• negative balance of trade
• trade deficit
• trade equilibrium
• positive balance of trade

A good sent to another country for sale is called a what?

• import
• domestic
• export
• internal

Which of these is not a trade bloc?

• EU
• ASEAN
• WTO
• NAFTA

We could consider an exchange rate that it pegged to the US dollar to be

• Fixed
• Floating
• Variable
• Flexible

If the Mexican peso appreciates against the Chinese yuan, who will benefit?

• Chinese consumers
• Mexican exporters
• Mexican importers
• Chinese exporters

An exchange rate is used to determine

• temperature fluctuations
• population growth rate
• value of one currency in relation to another currency
• stock market trends

This is an argument FOR free trade.

• Free trade increases income inequality within countries
• Free trade allows countries to focus on producing goods and services where they have a comparative advantage, leading to increased productivity and lower prices for consumers.
• Free trade leads to job losses and unemployment in certain industries
• Free trade results in the exploitation of workers in developing countries

It was founded in 1995 to ensure compliance with GATT negotiate trade agreements and to resolve trade disputes

• United Nations
• European Union
• North Atlantic Treaty Organization
• World Trade Organization (WTO)

When a country exports more than it imports

• Trade surplus
• Trade deficit
• Balance of trade
• Import surplus