Imports, Exports, and Exchange Rates Crash Course

Which country is the world's largest importer?

• Russia

• China

• United States of America

• England

Followed by ________, the United States of America is the world's second largest exporter.

• Russia

• China

• Japan

• Germany

True or False: Having a trade surplus means the country exports more than it imports, while having a trade deficit means the country exports less than it imports.

• True

• False

Which of the following is not a disadvantage of international trade?

• Environmental degradation

• More waste

• Unfair working conditions

• Cheaper products for consumers

True or False: International trade does not promote consumerism.

• True

• False

Like a decks of cards, international trade ______ jobs.

• Eliminates

• Shuffles

• Skips

• Leaves

True or False: What is good in aggregate, in terms of the benefits of international trade, is not necessarily good for all individuals.

• True

• False

True or False: Protectionism is the economic practice of placing high tariffs on imports and limiting the import of foreign goods to protect local businesses.

• True

• False

True or False: Protectionism is typically good for a country's economy.

• True

• False

Which of the following is among the most prominent international organizations that aims to eradicate protectionism?

• World Anti-Protectionism Organization

• World Barter Organization

• World Open Market Organization

• World Trade Organization