International Trade Term

What term describes selling goods/services to other countries, while ______ refers to buying foreign goods?

• Exporting; Importing
• Trading; Bartering
• Tariffs; Quotas
• Subsidies; Dumping

Answer explanation

Basic trade terms.

A country has a(n) ______ when it produces goods more efficiently, while ______ explains trade benefits without absolute advantage.

• Trade surplus; Deficit
• Protectionism; Liberalism
• Absolute advantage; Comparative advantage
• Dumping; Subsidies

Answer explanation

Key trade theories.

The ______ tracks all international transactions, while the ______ records daily trade.

• GDP; GNP
• Trade Balance; Capital Account
• Balance of Payments; Current Account
• Tariff Schedule; Quota Ledger

Answer explanation

Macroeconomic accounting.

______ uses tariffs to protect domestic industries, while ______ are taxes on imports.

• Liberalism; Subsidies
• Autarky; Quotas
• Protectionism; Tariffs
• Dumping; Standards

Answer explanation

Trade policy tools.

______ is trade without money, while ______ is economic self-sufficiency.

• Dumping; Protectionism
• Barter trade; Autarky
• FDI; Portfolio Investment
• Quotas; Subsidies

Answer explanation

Alternative trade methods.

A ______ occurs when exports > imports, while a ______ is the opposite.

• Deficit; Surplus
• Tariff; Quota
• Surplus; Deficit
• Liberalization; Protectionism

Answer explanation

Trade balance terms.

The ______ theory explains trade based on resource abundance.

• Comparative Advantage
• Mercantilism
• Absolute Advantage
• Factor Proportions

Answer explanation

Heckscher-Ohlin theory.

______ are non-tax trade obstacles like complex regulations.

• Tariffs
• Subsidies
• Quotas
• Non-tariff barriers

Answer explanation

Modern trade barriers.

______ trade involves physical goods, while ______ trade covers services.

• Absolute; Comparative
• Free; Restricted
• Dumping; Fair
• Visible; Invisible

Answer explanation

Trade classifications.

______ is selling exports below cost to dominate markets.

• Protectionism
• Liberalization
• Autarky
• Dumping

Answer explanation

Unfair trade practice.