Trade and Economics Quiz

A ______ is a tax that a government places on imported goods to make them more expensive.

• Trade deficit

• Tariff

• Supply chain

• Protectionism

When a country buys more products from other nations than it sells, it has a ______.

• Trade deficit

• Free trade

• Comparative advantage

• Most-Favored Nation

______ means countries can trade without taxes or restrictions, allowing goods to move freely.

• Protectionism

• Free trade

• Non-Tariff Barriers

• WTO

Some governments use ______ to limit foreign competition, such as high taxes on imports or strict regulations.

• Supply chain

• Protectionism

• Trade bloc

• Comparative advantage

The ______ is an international organization that helps settle trade disputes between countries.

• NAFTA/USMCA

• WTO

• Non-Tariff Barriers

• Most-Favored Nation

The ______ includes all the steps needed to make and deliver a product, from raw materials to the final customer.

• Supply chain

• Trade deficit

• Tariff

• Protectionism

______ was replaced by ______ in 2020 as the trade agreement between the U.S., Mexico, and Canada.

• WTO / Supply chain

• NAFTA / USMCA

• Most-Favored Nation / Non-Tariff Barriers

• Free trade / Protectionism

If a country can produce cars more efficiently than computers, it has a ______ in automobile manufacturing.

• Trade deficit

• Comparative advantage

• Non-Tariff Barrier

• Tariff

The ______ rule means a country must give all WTO members the same trade benefits it gives to its most favored partner.

• Most-Favored Nation (MFN)

• Protectionism

• Free trade

• Supply chain

______ are rules like quotas or strict quality checks that make trade harder, even without tariffs.

• Non-Tariff Barriers (NTBs)

• Comparative advantage

• Trade bloc

• WTO