Unit 4: International Trade and Globalization

Unit 4: International Trade and Globalization

12th Grade

14 Qs

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Unit 4: International Trade and Globalization

Unit 4: International Trade and Globalization

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Megan Duyst

Used 2+ times

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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of "international trade"?

The exchange of goods and services within a single nation

The exchange of goods and services among nations

The policy of restricting imports to protect domestic industries

The ability of a country to produce goods at a lower opportunity cost than other countries

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes the ability of a country to produce a good at a lower opportunity cost than another producer?

Absolute advantage

Trade deficit

Comparative advantage

Protectionism

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a tariff?

A limit on the quantity of goods that can be imported

A tax on exported goods

A tax on imported goods

A trade agreement between countries

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "protectionism" refer to?

A policy of free international trade

An economic policy of shielding an economy from imports

A tax used to raise government revenue without restricting imports

A limit placed on the quantities of a product that can be imported

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the NAFTA replaced by in 2018?

ASEAN Free Trade Area

European Union

USMCA (United States-Mexico-Canada Agreement)

Trans-Pacific Partnership

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "trade surplus" refer to in international trade?

When a country imports more than it exports

When a country exports more than it imports

When a country has balanced its imports and exports

When a country stops trading with other countries

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the typical outcomes of implementing tariffs?

Prices decrease, and quantity supplied increases

Prices rise, and quantity supplied falls

Trade surplus increases dramatically

Globalization is enhanced

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