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Marketing: International Trade // Unit 3

Total questions: 28

Worksheet time: 13mins

Name
Class
Date
1.

What is the difference between nations exports and imports?

a)

Balance of Trade

b)

Real GDP

c)

Comparative Advantage

d)

Absolute Advantage

2.

Measures the price of one nation's currency in terms of another nation's currency

a)

interest rates

b)

exchange rates

c)

discount rates

d)

inflation rates

3.

Which is NOT an example of a trade barrier?

a)

Tariff

b)

NAFTA

c)

Embargo

d)

Quota

4.

When the government places a tax on an imported good to protect a domestic good.

a)

Protective tariff

b)

Subsidy

c)

Comparative Advantage

d)

Quota

5.

Which is NOT a benefit to open trade?

a)

lower prices

b)

more consumer choice

c)

increased tariffs

d)

more markets for business

6.

Who supports the need to protect domestic industries?

a)

Free Traders

b)

Protectionists

c)

The Fed

d)

Consumers

7.
To focus on producing one thing to improve productivity is known as:
a)
Specialization
b)
International trade
c)
Absolute Advantage
d)
Supply and Demand
8.
When determining comparative advantage one must determine 
a)
Opportunity cost
b)
Specialization
c)
Absolute Advantage
d)
Embargos 
9.
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
10.
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
11.
A trade agreement between Canada, Mexico, and the US
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
12.
All of the following are terms used to describe limitations on trade except?
a)
Trade Barriers
b)
Sanctions
c)
Trade restrictions
d)
EU
13.
This trade barrier limits the number of products that can be brought into a country.
a)
Tariff
b)
Quota
c)
Embargo
d)
Subsidy
14.
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
15.
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
16.
Which of the following is not a benefit of trade between nations?
a)
More stuff
b)
Better stuff
c)
cheaper stuff
d)
similar stuff
17.
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
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.
Diamonds found in South Africa are used to make rings in Maine.
a)
import
b)
export
20.
Chairs made in North Carolina are flown to Mexico.
a)
import
b)
export
21.
Shrimp caught off the coast of Maine are flown to Asia.
a)
import
b)
export
22.
Computers made in China are used by students in Texas.
a)
import
b)
export
23.
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
24.

A country might place a limit on another country to weaken their economy. This is known as which type of trade barrier?

a)

Embargo

b)

Tariff

c)

Quota

25.

Which of the following trade barriers is a block on trade with another country?

a)

Tariff

b)

Embargo

c)

Quota

26.
In 2010, China placed a tax on imported American poultry of up to 105.4%. This is an example of which trade barrier?
a)
Tariff
b)
Market
c)
Embargo
d)
Quota
27.

Which statement BEST reflects the difference between tariffs and quotas?

a)

Tariffs add a tax on exports, while quotas set limits on imports.

b)

Tariffs add a tax on imports, while quotas set limits on exports.

c)

Tariffs add a tax on exports, while quotas set limits on exports.

d)

Tariffs add a tax on imports, while quotas set limits on imports.

28.

What is the purpose of a tariff?

a)

To encourage consumers to buy goods made in their own country.

b)

To increase trade between two countries.

c)

To stop trade completely.

d)

To block dangerous goods from entering the country

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