Resources for Global Trade
Quiz
•
Social Studies
•
12th Grade
•
Hard
Karen Lewis
FREE Resource
Enhance your content in a minute
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Trade
buying and selling goods and services from other countries
when a business transfers work overseas, usually from a developed country to developing countries
when one country produces a good at a lower opportunity cost than another
a country with a high GDP, high standard of living, and high wages
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Globalization
the dollar value of the final goods and services products produced in a country’s borders in a given year
the process of the world’s economies becoming more interconnected
the comparison of a country’s imports vs exports
when countries only produce what they are best at
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Exports
a country with a high GDP, high standard of living, and high wages
goods and services purchased from other countries
used to make a final product
goods and services produced in one country and sold to other countries
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Imports
goods and services purchased from other countries
when one country produces a good at a lower opportunity cost than another
goods and services produced in one country and sold to other countries
when countries only produce what they are best at
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Trade Balance
the dollar value of the final goods and services products produced in a country’s borders in a given year
the comparison of a country’s imports vs exports
when a business transfers work overseas, usually from a developed country to developing countries
a country with a low GDP, low standard of living, and low wages
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Trade Surplus
when a business transfers work overseas, usually from a developed country to developing countries
when imports exceed exports
the dollar value of the final goods and services products produced in a country’s borders in a given year
when exports exceed imports
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Trade Deficit
policy that promotes elimination of trade barriers, such as tariffs and quotas
when imports exceed exports
non-economic negative effects from trade
when exports exceed imports
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