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International Trade

Total questions: 30

Worksheet time: 22mins

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.
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.
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
8.
Tariffs and Quotas can benefit nations imposing them by...
a)
Raising revenue
b)
increasing variety of goods
c)
lowering prices
d)
increasing consumption 
9.
The ability to produce more of a given product using a given amount of resources.
a)
comparative advantage
b)
absolute advantage
10.
A means of preventing a foreign product or service from freely entering a nation's territory.
a)
trade surplus
b)
trade embargo
c)
trade barriers
11.
A tax on imported goods.
a)
import
b)
export
c)
tariff
12.
A limit on the amount of a good that can be imported.
a)
import quota
b)
export quota
13.
The policy of imposing duties or quotas on imports in order to protect home industries from overseas competition.
a)
free trade
b)
protectionism
c)
balance of trade
14.
The lowering or elimination of protective tariffs and other trade barriers between two or more nations.
a)
free trade
b)
protectionism
c)
balance of trade
15.
When a country exports more than it imports.
a)
trade surplus
b)
trade deficit
16.
An excess of imports over exports.
a)
trade surplus
b)
trade deficit
17.
Value of all goods and services exported from a country minus the value of all goods and services imported from outside the country.
a)
free trade
b)
protectionism
c)
balance of trade
18.
A trade agreement that eleminates barriers between the United States, Canada, and Mexico.
a)
ASEAN
b)
EU
c)
NAFTA
19.
Increases competition, allows domestic goods to be sold all over the world, allows country to expose comparative advantage through specialization.
a)
arguments against free trade
b)
arguments for free trade
20.
Protects infant industries, hurts domestic workers, labor standards are not the same, and to protect national security.
a)
Arguments against free trade
b)
arguments for free trade
21.
A ban; government prohibits the import of that item.
a)
embargo
b)
standard
c)
subsidy
22.

A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (money to assist an industry so prices can remain low).

a)

Free Trade

b)

Trade War

c)

Goods and Services

d)

Supply and Demand

23.

The development of a worldwide economy where resources flow fairly freely across borders.

a)

Globalization

b)

Economy

c)

GDP

d)

Economic Independence

24.

What are some negatives of globalization?

a)

Workers are exploited in sweatshops

b)

Pollution and deforestation

c)

Low wages for factory workers in Asia and Africa

d)

All of the answers are correct

25.

Who typically ends up paying tariffs?

a)

Importers and/or consumers

b)

The International Monetary Fund

c)

Congress

d)

Exporters

26.

Which of the following was instrumental in creating the global economy that exists today?

a)

The use of high taxes for imports and exports

b)

Improvements in technology such as the Internet

c)

The creation of one form of currency (money) used to trade

d)

The success of the Communist governments in guiding trade

27.

When people trade how do both sides benefit?

a)

Countries can focus on producing specific goods from their natural resources instead of trying to create everything they need

b)

Countries can take advantage of each other making the international market more secure

c)

Countries are able to learn the weaknesses of other countries and exploit those for natural resources

d)

Countries are able to enter other countries with spies and foreign agents to undermine governments.

28.

When the economy of two countries depend on each other, it's called:

a)

economic interdependence

b)

multinational cooperation

c)

isolationism

d)

outsourcing

29.

What is globalization?

a)

The increased flow of trade, people, technology, and culture among countries.

b)

The decreased flow of trade, people, technology, and culture among countries.

c)

The creation of one global empire and government under a single super power.

d)

The creation of a global cellular network to use phones internationally.

30.
When determining comparative advantage one must determine 
a)
Opportunity cost
b)
Specialization
c)
Absolute Advantage
d)
Embargos 

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