WorksheetsChapter 16 Vocabulary Quiz
Total questions: 10
Worksheet time: 5mins
________________ is the difference between money paid to and received from other nations in trade.
Foreign exchange
Trade deficit
Balance of payments
Absolute advantage
A tax placed on imports is called a _______________.
Trade deficit
Tariff
Quota
Foreign exchange
__________________ is a system in which forces of supply and demand establish currency value among nations.
Absolute advantage
Fixed exchange rate
Protective tariff
Flexible exchange rate
A tax on imports placed to protect domestic industries is called a _________________.
Protective tariff
Quota
Protectionist
Foreign exchange
_______________ is foreign currencies used by countries to conduct international trade.
Absolute advantage
Foreign exchange
Protective tariff
Flexible exchange rate
This occurs when the value of products imported is greater than the value of products exported. (Imports > Exports)
Balance of payments
Absolute exchange
Trade deficit
Foreign exchange
The system in which the price of one country's currency in terms of another country's currency is set and does not change is called _________________.
Absolute advantage
Fixed exchange rate
Protective tariff
Flexible exchange rate
A ______________ is a limit on the amount of a product that can be imported into the country.
Quota
Tariff
Trade deficit
Foreign exchange
_________________ is when a nation can produce more of a particular product than another nation.
Foreign exchange
Absolute advantage
Trade deficit
Balance of payments
A ________________ is a person who wants to protect domestic producers against foreign competition.
Protectionist
Foreign exchange
Trade deficit
Tariff
