Econ Unit 5 Vocab Quiz: International Trade

What is the term for goods and services brought into a country from another country?

• Exports

• Imports

• Tariffs

• Trade Barriers

Which organization oversees and facilitates global trade agreements and resolves trade disputes?

• International Monetary Fund (IMF)

• World Trade Organization (WTO)

• United Nations (UN)

• World Bank

What is the term for a tax imposed on imported goods and services to protect domestic industries?

• Free Trade

• Tariffs

• Trade Embargo

• Outsourcing

What is the practice of obtaining goods or services from an external or foreign supplier to reduce costs called?

• Globalization

• Outsourcing

• Protectionism

• Free Trade Agreement

Which term describes the unrestricted flow of goods and services between countries?

• Protectionism

• Free Trade

• Trade Barriers

• Trade Deficit

What is the term for a company that operates in multiple countries?

• Multinational Corporation (MNC)

• Trade Embargo

• Comparative Advantage

• Supply Chain

What is the term for policies or restrictions that make it difficult or expensive to trade?

• Trade Barriers

• Free Trade Agreement

• Globalization

• Trade Deficit

What is the term for a situation where a country imports more than it exports?

• Trade Surplus

• Trade Deficit

• Trade Embargo

• Comparative Advantage

What is the term for an official ban on trade with a specific country, often for political reasons?

• Free Trade Agreement

• Trade Embargo

• Tariffs

• Outsourcing

What is the term for a pact between two or more countries to reduce or eliminate trade barriers?

• Protectionism

• Free Trade Agreement (FTA)

• Globalization

• Supply Chain