JC Business International Trade Quiz

What is meant by the term globalisation? What are some benefits of globalisation?

What are some arguments for and against free trade.

Explain the difference between Gross Domestic Product and Gross National Profit

When there is a surplus balance of trade, what does it mean?

• Visible exports are greater than visible imports

• 
  Visible imports are greater than visible exports

• Total exports are greater than total imports

• Total imports are greater than total exports

What is the balance of trade?

• The difference between a country's imports and exports

• The total value of a country's imports

• The total value of a country's exports

• The sum of a country's imports and exports

Which of the following is a consequence of a trade deficit?

• Increase in foreign debt

• Decrease in foreign debt

• Increase in domestic savings

• Decrease in domestic consumption

What does a trade surplus indicate about a country's economy?

• The country exports more than it imports

• The country imports more than it exports

• The country has a balanced trade

• The country has no international trade

How can a country reduce its trade deficit?

• By increasing exports

• By increasing imports

• By reducing domestic production

• By increasing foreign aid

What is a free trade area?

Explain what a tariff is within the context of international trade