Supply and Demand with International Trade (Old Version)

Supply and Demand with International Trade (Old Version)

Assessment

Interactive Video

Business, Social Studies

11th Grade - University

Hard

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Quizizz Content

FREE Resource

The video tutorial covers key economic concepts, focusing on quotas and tariffs. It explains consumer and producer surplus before and after international trade, highlighting the changes in surplus and imports. The tutorial discusses the impact of tariffs on consumer and producer surplus, as well as government revenue. It concludes with an exploration of quotas and a summary of the benefits and drawbacks of international trade.

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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the two key economic concepts introduced in the first section?

Monetary and Fiscal Policy

Quotas and Tariffs

Supply and Demand

Inflation and Deflation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Before international trade, what is the consumer surplus if the equilibrium price is $50?

$100

$0

$50

$70

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does international trade affect consumer surplus?

It has no effect on consumer surplus

It eliminates consumer surplus

It increases consumer surplus

It decreases consumer surplus

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the effect of a $5 tariff on the price of a product?

It keeps the price the same

It doubles the price

It increases the price by $5

It decreases the price by $5

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a tariff impact producer surplus?

Producer surplus remains unchanged

Producer surplus increases

Producer surplus decreases

Producer surplus is eliminated

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main difference between a quota and a tariff?

Both have the same effect

A quota limits quantity, a tariff generates revenue

A tariff limits quantity, a quota does not

A quota generates revenue, a tariff does not

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does international trade benefit consumers?

By lowering prices

By reducing choices

By increasing prices

By increasing taxes