
Trade and Economics Quiz
Passage
•
Business
•
11th Grade
•
Easy
Ana Martinez
Used 3+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the two types of goods mentioned in the text?
Manufactured items and agricultural commodities
Digital products and services
Luxury items and basic necessities
Raw materials and finished products
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'services' refer to in the context of trade?
Tangible goods like electronics
Intangible goods such as advertising and telecommunication
Agricultural products
Manufactured items
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the system of worldwide trade described as in the text?
A simple exchange between two countries
An intricate web with lengthy supply chains
A local market system
A barter system
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why can't countries just make their own products and provide jobs domestically according to the text?
Because it is more expensive
Because of the complexity of the trade network
Because of a lack of resources
Because of government regulations
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What idea did classical economists champion in the late eighteenth century?
Self-sufficiency
Comparative advantage
Isolationism
Protectionism
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term used to describe when countries focus on making things they are good at and import the rest?
Mercantilism
Specialization
Protectionism
Isolationism
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What metric is used to measure the productivity of countries and economies?
Gross Domestic Product (GDP)
Human Development Index (HDI)
Consumer Price Index (CPI)
Purchasing Power Parity (PPP)
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