
Unit 5 International Trade/Ga Ports/Exchange

Quiz
•
Financial Education
•
12th Grade
•
Hard
BRANDON WHITENER
FREE Resource
50 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a trade barrier?
A restriction on the import or export of goods
A form of economic aid
A type of currency exchange
A financial incentive for exporting goods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is comparative advantage?
The ability to produce more of a good with the same resources
The ability to produce a good at a lower opportunity cost
The ability to produce a good using fewer resources
The ability to produce multiple goods efficiently
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the relationship between comparative advantage and international trade?
Countries with a comparative advantage import less
Countries with a comparative advantage export more
Comparative advantage discourages international trade
Comparative advantage is unrelated to trade
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might consumer experience higher prices due to trade barriers?
Increased global demand
Reduced supply of imported goods
Government subsidies on imports
Increased domestic competition
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do tariffs affect consumers in the short term?
Decrease prices of imported goods
Increase prices of imported goods
Increase variety of goods available
Decrease domestic employment
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one potential benefit of trade barriers for domestic producers?
Increased competition from foreign markets
Reduced production costs
Protection from foreign competition
Decreased market share
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can a nation benefit from specializing in goods with a comparative advantage?
By increasing import tariffs
By reducing production efficiency
By trading for goods it produces less efficiently
By producing all goods domestically
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