WorksheetsInternational Trade
Total questions: 20
Worksheet time: 13mins
Name
Class
Date
1.
To focus on producing one thing to improve productivity is known as:
a)
Specialization
b)
International trade
c)
Absolute Advantage
d)
Supply and Demand
2.
When determining comparative advantage one must determine
a)
Opportunity cost
b)
Specialization
c)
Absolute Advantage
d)
Embargos
3.
If I am better at all types of production, I have the ______ in all forms of production.
a)
Comparative advantage
b)
Specialization
c)
Absolute advantage
d)
developed nation
4.
A trade agreement between 27 countries of with the same currency and open trade between those nations.
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
5.
A trade agreement between Canada, Mexico, and the US
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
6.
All of the following are terms used to describe limitations on trade except?
a)
Trade Barriers
b)
Sanctions
c)
Trade restrictions
d)
EU
7.
This trade barrier limits the number of products that can be brought into a country.
a)
Tariff
b)
Quota
c)
Embargo
d)
Subsidy
8.
This is a tax on imports that is used to increase price of foreign products and raise government revenue.
a)
tariff
b)
quota
c)
subsidy
d)
embargo
9.
This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.
a)
tariff
b)
quota
c)
subsidy
d)
embargo
10.
Which of the following is not a benefit of trade between nations?
a)
More stuff
b)
Better stuff
c)
cheaper stuff
d)
similar stuff
11.
If nations limit trade in of clothing who will benefit?
a)
Domestic Consumers of clothing
b)
Domestic producers of clothing
c)
Foreign Producers of clothing
d)
department stores who sell clothing
12.
If nations limit trade in of clothing who will benefit?
a)
Domestic Consumers of clothing
b)
Domestic producers of clothing
c)
Foreign Producers of clothing
d)
department stores who sell clothing
13.
Not trading with nations who create products using child labor is used in the argument for
a)
Domestic Jobs
b)
National Defense
c)
Human Rights
d)
Environment
14.
Tariffs and Quotas can benefit nations imposing them by...
a)
Raising revenue
b)
increasing variety of goods
c)
lowering prices
d)
increasing consumption
15.
Infant industries can be helped in the world market by giving those industries a
a)
subsidy
b)
quota
c)
embargo
d)
tariff
16.
A major cost of freer trade from poor nations is that they will
a)
get cheaper stuff
b)
they will get more stuff
c)
environmental damage
d)
greater variety of stuff
17.
Who will be hurt by a tariff on medicine coming into the US.
a)
US medical companies
b)
US government revenue
c)
Sick people in US
18.
The main justification for an embargo on foreign goods is to
a)
Punish a nation
b)
raise revenue
c)
Increase consumption or the good
19.
Developed nations have all of the following except
a)
better education
b)
high levels of technology
c)
better health
d)
higher populations
20.
Underdeveloped nations tend to trade what type of goods
a)
Low skill products
b)
High tech goods
c)
finished products
d)
High skill products
100 %
