U1L6 Intro HW

What is international trade?

• The exchange of goods and services within a country

• The exchange of goods and services between countries

• The exchange of goods and services within a city

• The exchange of goods and services within a continent

Which of the following is a benefit of international trade?

• Increased competition

• Decreased variety of goods

• Higher prices for consumers

• Reduced market size

What is a tariff?

• A tax on imported goods

• A subsidy for local businesses

• A type of international agreement

• A form of currency exchange

Which organization is responsible for regulating international trade?

• World Health Organization (WHO)

• World Trade Organization (WTO)

• International Monetary Fund (IMF)

• United Nations (UN)

What is a trade deficit?

• When a country exports more than it imports

• When a country imports more than it exports

• When a country has no trade with other countries

• When a country has balanced trade

What is the primary goal of international business?

• To limit the number of foreign competitors

• To expand a company's market and increase profits

• To reduce the quality of products

• To avoid international regulations

Which of the following is an example of a multinational corporation?

• A local bakery

• A national bank

• A global technology company like Apple

• A regional grocery store

What is a trade embargo?

• A complete ban on trade with a particular country

• A reduction in tariffs

• An increase in export subsidies

• A free trade agreement

Which of the following is a common barrier to international trade?

• Free trade agreements

• High tariffs

• Open borders

• Globalization

What is the balance of trade?

• The difference between a country's exports and imports

• The total value of a country's exports

• The total value of a country's imports

• The number of trade agreements a country has