WorksheetsUnti 5 review notes: Trade
Total questions: 15
Worksheet time: 8mins
What is NAFTA?
The evolution of trade
A trading agreement between all countires
A north american trade agreement that allows open trade with U.s mexico and canada
Trading products between countries in return for something else
What does WTO stand for?
Western Trade Option
World Trade Option
Western Trade Organization
World Trade Organization
What are two Reasons why trade developes?
Technology and Trade
Transportation and Technology
Trade and Globalization
Globalization and Trade
What word defines A Tax on imported goods?
Quota
Embargo
Tariff
Absolute advantage
Which one does not define Globalization
connecting a nations economies and politics
None of the above
Ending isolation of nations and connecting nations trough cooperation
An attempt of nations to bring stability for all nations
Which one is not a reason why we trade?
To prove that we can offer the best products
To help out developing nations
Get goods and services that other countries make better
To get goods and services at a cheaper cost
What is an embargo?
A commercial extange
A limitation on imported goods
A government order preventing trade with another country
The ability to produce goods at a lower opportunity cost
NAFTA occurs in what three countries?
Mexico, Brazil and Colombia
Mexico, Canada and the United States
The United States, Europe and Canada
Canada, Europe and Mexico
Define Standard of living
The amount of money you spend on goods on a day to day bacis
The amount of money a person spends when there buying exported goods
The amount of money a person spends when they are buying imported goods
A measure of quality of life based on the amounts and kinds of goods and services a person can buy
What's not a positive effect of NAFTA?
More jobs created in specialty fields in the U.S.
Cheaper products.
Increased pollution due to high use of fertilizers in Mexican crops.
Foreign investment opportunities for people in USA.
Which isn't a trade barrier?
Quotas
WTO
Embargo
Tariffs
Define import.
A limitation on imports.
Products produced in your country that are sent to foreign countries.
Tax on imported goods.
Products brought into your country that are foreign produced.
Define an absolute advantage
The ability to make something using fewer resources than other producers have
The ability to produce a good at a lower opportunity cost then the other producer
The ability to consume more than you can produce
The ability to produce more than you can consume
NAFTA, OCEC, WTO, GATT AND TTP are all examples of what?
Global trade
National trade
Trade organization
World trade organization
Which one of these car dealers were produced in the United States?
Chrysler
BMW
Mercedes
Jaguar
