Unit 10 Day 5 International Trade and Globalization Quiz

What is international trade?

• International trade is the sale of goods only within a country.
• International trade refers to the movement of people across borders.
• International trade is the exchange of ideas and culture between nations.
• International trade is the exchange of goods and services across international borders.

Why has international trade increased so rapidly?

• Globalization and technological advancements.

• Increased tariffs on imports
• Decline in domestic production
• Reduction in global population

What is globalization?

• Globalization is the isolation of countries from each other.
• Process of increased interconnectedness among countries.

• Globalization refers to the decline of international trade.
• Globalization is the process of countries becoming more self-sufficient.

What has made it cheaper and quicker to move people and goods?

• Higher fuel prices affecting logistics.
• Increased government regulations on transportation.
• Limited infrastructure development in urban areas.
• Technological advancements in transportation and logistics.

What is protectionism?

• A policy to promote free trade between countries.
• Economic policy aimed at shielding a country's domestic industries from foreign competition.

• An approach to increase foreign investment in domestic markets.
• A strategy to reduce government spending on local businesses.

What are trade barriers designed to do?

• Protect domestic industries and regulate international trade.

• Encourage foreign competition
• Increase tariffs on domestic goods
• Simplify international trade agreements

What is a tariff?

• A tariff is a type of trade agreement.
• A tariff is a subsidy for local businesses.
• A tariff is a tax on imports or exports.
• A tariff is a regulation on domestic production.

What is a quota?

• A quota is a limit on resource usage.
• A quota is a form of entertainment.
• A quota is a method of communication.
• A quota is a type of currency.

How do tariffs and quotas impact supply and price of goods?

• Tariffs and quotas both decrease prices and increase supply.
• Tariffs raise prices and reduce supply; quotas limit supply and increase prices.
• Tariffs have no impact on supply; quotas raise prices and reduce supply.
• Tariffs lower prices and increase supply; quotas have no effect on prices.

What is an embargo?

• A type of government official
• A form of currency exchange
• A method of international diplomacy
• A trade restriction imposed by a government.