week 14 ss vocab quiz

What are exports?

• Goods that governments sell to other countries.

• Goods that governments buy from other countries.

• A tax on goods coming from another country.

• An economic system using raw materials.

What does a favorable balance of trade mean?

• A country buys more than it sells.

• A country sells more than it buys.

• A tax on imported goods.

• Purchasing land for profit.

What are imports?

• Goods that governments sell to other countries.

• Goods that governments buy from other countries.

• A tax on goods coming from another country.

• An economic system using raw materials.

What is mercantilism?

• An economic system using raw materials to make goods for export.

• A tax on goods coming from another country.

• Purchasing land for profit.

• Goods sold to other countries.

What does it mean to speculate?

• To sell goods to other countries.

• To buy goods from other countries.

• To purchase land and resell it for profit.

• To impose a tax on imported goods.

What is a tariff?

• A tax on goods coming from another country.

• An economic system using raw materials.

• Goods sold to other countries.

• Purchasing land for profit.

Which term describes goods that a country sells to other countries?

• Imports

• Exports

• Tariff

• Speculate

Which term refers to goods that a country buys from other countries?

• Exports

• Imports

• Tariff

• Mercantilism

What is the purpose of a tariff?

• To encourage exports.

• To tax goods coming from another country.

• To promote mercantilism.

• To speculate on land.

What economic system uses raw materials to make goods for export?

• Speculation

• Mercantilism

• Tariff

• Imports