Understanding Global Trade Concepts

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

• Export

• Import

• Quota

• Tariff

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

• Tariff

• Quota

• Scarcity

• Subsidy

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

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

• Quota

• Demand

• Tariff

• Scarcity

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

• Export

• Import

• Subsidy

• Embargo

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

• Globalization

• Scarcity

• Trade Deficit

• Trade Surplus

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

Explain how safety and environmental standards can affect international trade.

• They have no effect on trade.

• They can increase the cost of production and limit the types of goods that can be traded.

• They always decrease the cost of production.

• They only affect domestic trade.

What does equilibrium mean in the context of supply and demand?

• It is when supply exceeds demand.

• It is when demand exceeds supply.

• It is when supply equals demand.

• It is when there is no demand for a product.

What is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period?

• Tariff

• Quota

• Subsidy

• Embargo