What is the basic definition of trade in economics?

Trade Concepts and Economic Principles

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Business
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9th - 10th Grade
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Hard

Mia Campbell
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of producing goods
Investing in stocks
Exchanging one thing for another
Saving money for future use
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a transaction, who is the consumer?
The person who buys the good or service
The person who provides the service
The person who manufactures the product
The person who sells the good to retailers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What role does a middleman play in trade?
They produce goods for consumers
They buy goods from producers and sell them to consumers
They consume goods and services
They regulate trade policies
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can having too many middlemen affect trade?
It makes goods cheaper
It increases the quality of goods
It simplifies the trade process
It can make goods more expensive
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a tariff?
A ban on foreign goods
A subsidy for local producers
A tax on imported goods
A limit on the amount of goods that can be imported
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a quota in trade?
To increase the number of imports
To limit the amount of a product that can be imported or exported
To reduce the cost of goods
To encourage foreign investment
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might a government impose tariffs on imported goods?
To make imported goods cheaper
To encourage consumers to buy foreign products
To protect domestic industries
To increase the quality of imported goods
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