Industrialization and International Trade Quiz

What is one of the key factors that influence the location of an industry?

• Availability of skilled labor

• Availability of raw materials

• Proximity to schools

• Access to shopping malls

Why is nearness to the market essential for industries?

• To complicate the supply chain

• To enable quick disposal of goods

• To reduce consumer access

• To increase transportation costs

What is the primary stage of industrial development?

What is an import?

• A good or service that is not traded internationally

• A good or service produced and sold within the same country

• A good or service bought in one country that was produced in another

• A good or service produced in one country and sold in another

Which organization has over 160 members representing 98% of world trade?

• International Monetary Fund

• World Health Organization

• United Nations

• World Trade Organization

What is the purpose of the CARICOM Single Market and Economy?

• To promote individual country economies

• To establish a common currency

• To facilitate trade among member countries

• To restrict international trade

How does international trade generate employment opportunities?

• By generating direct and indirect employment

• By reducing the workforce

• By outsourcing jobs

• By increasing competition

What is the importance of maintaining quality and standard goods in international trade?

• To increase production costs

• To reduce consumer demand

• To limit the variety of products

• To maintain and increase demand for goods

What does international trade facilitate in terms of economic development?

• Decrease in economic growth

• Importation of capital goods and technology

• Importation of low-quality goods

• Reduction in foreign exchange earnings

What is the primary reason for a country to deal with the problem of scarcity through imports?

• To increase the cost of goods

• To reduce the demand for goods

• To limit the variety of products

• To import raw materials or food