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Worksheetsleaving cert business international trade
Total questions: 37
Worksheet time: 20mins
Name
Class
Date
1.
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
2.
A trade agreement between Canada, Mexico, and the US
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
3.
All of the following are terms used to describe limitations on trade except?
a)
Trade Barriers
b)
Sanctions
c)
Trade restrictions
d)
EU
4.
This trade barrier limits the number of products that can be brought into a country.
a)
Tariff
b)
Quota
c)
Embargo
d)
Subsidy
5.
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
6.
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
7.
Infant industries can be helped in the world market by giving those industries a
a)
subsidy
b)
quota
c)
embargo
d)
tariff
8.
Setting a limit on the quantity of a product that may be imported or exported within a given period to regulate international trade is called?
a)
Tariff
b)
Embargo
c)
Quota
d)
Deal
9.
___________ is a tax that a government places on certain imported products
a)
Tariff
b)
Embargo
c)
Quota
d)
Deal
10.
Stopping the export and import of a product is known as?
a)
Tariff
b)
Embargo
c)
Quota
d)
Deal
11.
__________________ reduces trade barriers and encourages trade between countries.
a)
Free-trade zones
b)
Free-trade agreements
c)
non-tariff alliances
d)
Common markets
12.
Members do away with duties and other trade barriers - they allow companies to invest freely in each member’s country •ex. EU (European Union)
a)
Free-trade zones
b)
Free-trade agreements
c)
non-tariff alliances
d)
Common markets
13.
Purchasing the right to use a company name or business process in a specific way ex. McDonald’s, Burger King, KFC and Pizza Hut • •
a)
Licensing
b)
Joint venture
c)
Franchising
d)
Infrastructure
14.
Sports teams having their logo on memorabilia is considered?
a)
Licensing
b)
Joint venture
c)
Franchising
d)
Infrastructure
15.
An agreement between two or more companies to share a business project - this business is on a limited basis for control
a)
Licensing
b)
Joint venture
c)
Franchising
d)
Infrastructure
16.
Buying goods and services from another country is considered?
a)
Exporting
b)
Importing
17.
Selling goods and services to another country is considered?
a)
Exporting
b)
Importing
18.
When your exports are greater than your imports, this exists?
a)
Trade deficit
b)
Trade surplus
19.
When your exports are less than your imports, this exists?
a)
Trade deficit
b)
Trade surplus
20.
Foreign trade is defined as selling goods to other countries
a)
True
b)
False
21.
Imports cause money to ...
a)
leave Ireland
b)
enter Ireland
22.
Exports cause money to ...
a)
leave Ireland
b)
enter Ireland
23.
Foreign trade consists of visible and invisible trade.
a)
True
b)
False
24.
The currency is China is the ...
a)
Yuan
b)
Yen
c)
Rupee
d)
Dollar
25.
Which of these items is a visible export from Ireland?
a)
Insurance Policies
b)
U2 touring in the UK
c)
Pharmaceutical Products
d)
Ed Sheeran peforming in Ireland
26.
Irish people going on holiday in Spain is an example of ...
a)
a visible import
b)
a visible export
c)
an invisible import
d)
an invisible export
27.
Coffe is an example of
a)
an invisible import
b)
an invisible export
c)
a visible import
d)
a visible export
28.
French people on holiday in Ireland are an example of ...
a)
a visible import
b)
an invisible import
c)
a visible export
d)
an invisible export
29.
Irish beef sold in the UK is an example of
a)
a visible import
b)
an invisible import
c)
a visible export
d)
an invisible export
30.
Padraig Harrington winning the US Open is an example of
a)
an invisible import
b)
a visible export
c)
an invisible export
d)
a visible import
31.
Ireland's main exporting partner is ...
a)
France
b)
The UK
c)
Germany
d)
The USA
32.
The Balance of Trade is the difference between ...
a)
visible exports and invisible imports
b)
invisible exports and visible imports
c)
visible exports and visible imports
33.
Visible Exports > Visible Imports =
a)
Balance of Trade Surplus
b)
Balance of Trade Deficit
34.
The formula to calculate Balance of Payments is ...
a)
Visible Exports - Visible Imports
b)
Invisible Exports - Invisible Imports
c)
Total Exports - Total Imports
d)
Total Imports - Total Exports
35.
A large company such as McDonalds that has operations in more than one country.
a)
Domestic Corporation
b)
Multinational Corporation
c)
Foreign Corporation
d)
State Corporation
36.
The development of a worldwide economy where resources flow fairly freely across borders.
a)
Globalization
b)
Economy
c)
GDP
d)
Economic Independence
37.
Tariffs, quotas, and embargos are examples of:
a)
physical barriers
b)
cultural barriers
c)
political barriers
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