Understanding Global Trade Concepts

Understanding Global Trade Concepts

7th Grade

15 Qs

quiz-placeholder

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Understanding Global Trade Concepts

Understanding Global Trade Concepts

Assessment

Quiz

Geography

7th Grade

Practice Problem

Medium

Created by

Tara Auld

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to goods sent to another country for sale?

Export

Import

Quota

Tariff

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes a tax imposed on imported goods and services?

Tariff

Quota

Scarcity

Subsidy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes the amount by which the value of a country's exports exceeds the cost of its imports?

Trade Surplus

Trade Deficit

Scarcity

Subsidy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes the desire and ability of consumers to purchase goods and services at given prices?

Quota

Demand

Tariff

Scarcity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for goods brought into a country from abroad for sale?

Export

Import

Subsidy

Embargo

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for a situation in which resources are limited and cannot meet all human wants?

Globalization

Scarcity

Trade Deficit

Trade Surplus

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to the process by which businesses or other organizations develop international influence or start operating on an international scale?

Globalization

Market Economy

Equilibrium

Embargo

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