Globalization can be defined as:

• • the growing interdependence of the world’s economies, cultures, and populations

• the decrease in available resources due to an expanding population

Exports bring ______ into a country.

• services

• goods

• money

The formula for calculating net exports is:

• Imports - Exports

• Exports - Imports

• Exports / Imports

• Imports /Exports

When a nation spends more money on imports than it makes on exports a ________ is created.

• Trade Deficit

• Trade Surplus

1. In 2022, the U.S. exported $428 billion worth of goods to Canada and imported $481 billion worth of goods from Canada. Which of the following best describes the U.S.A.'s balance of trade with Canada?

• $+909 billion trade surplus

• $-53 billion trade deficit

• $-909 billion trade deficit

• $+53 billion trade surplus

A limitation on the quantity of certain imported products is called:

• a tariff

• an embargo

• a quota

A tariff:

• encourages nations to buy foreign products

• serves as a tax on imported goods

• both are true

• neither are true

What is the primary goal of the World Trade Organization?

• to restrict international trade

• to ensure that are nations have equal wealth

• to increase the standard of living around the world

Which branch of the World Bank primarily works with the world's poorest countries?

• International Development Association (IDA)

• International Bank for Reconstruction and Development (IBRD)

The European Union (EU) was created with the passage of the:

• Geneva Accords

• Maastricht Treaty

• Treaty of Utrecht