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WorksheetsCompetitive advantage and economic interdependence
Total questions: 20
Worksheet time: 12mins
Worldwide markets where the buying/selling of goods and services takes place by all nations is known as?
Interdependence
Global Economy
Free Market
Competition
Which of the following is a reason countries seek to participate in global trade?
To increase competition in the domestic market
To visit foreign countries
To obtain goods they cannot produce themselves
To create jobs in other countries
Which of the following is a way global trade benefits domestic producers?
It reduces the domestic demand for their goods and services
It creates new jobs in other countries
It reduces profitability
It creates new markets for their goods and services
Which of the following is a way consumers benefit from global trade?
It results in less choice in the market place
It lowers the prices of goods and services
It increases unemployment benefits
It results in fewer job opportunities
Goods or services a country gets from another country are called?
Imports
Exports
Products
Profits
A tax on any good or service coming into a country is called a .......?
Tariff
Subsidy
Discount
Profit
Goods or services a country sells to another country are called?
Imports
Quotas
Exports
Profits
Which of the following in not an impact of the application of tariffs and quotas EXCEPT for:
They reduce the amount of trade between nations
They protect domestic producers from foreign competition
They create an incentive for countries to trade more with each other
They reduce the amount of trade between nations
The increase in international economic interdependence means that the economic conditions and policies in one nation increasingly affect economic conditions and policies in other nations. (True or False)
True
False
A disadvantage of globalisation for Australian manufactures would include which one of the following?
A less experienced workforce
Low-cost competition from overseas firms
Access to wider markets
An increase in local salaries
Which of the following is NOT a transnational corporation (TNC)?
Tesla
The local butcher
Nestle
Which of the following factors has not resulted in the acceleration of globalisation?
The internet
Trade agreements such as those established by the WTO
The increase of unemployment in Australia
Improvements in shipping and other transport
What does MNC stand for?
Multinational countries
Multinational corporations
Multilingual national conference
Many new companies
A focus on developing only certain skills or producing only certain goods/services is called?
Specialisation
Globalisation
Desperation
Interdependence
When one person or group depends on or relies on another person or group, it is called?
Interdependence
Specialisation
Free movement of people
Devaluation
The best name for a large company that has operations in more than one country could be called a?
Multinational corporation
Foreign corporation
Domestic corporation
State owned company
Which body is responsible for overseeing international trade?
Organisation for Economic Co-operation and Development (OECD)
World Trade Organization (WTO)
World Trade Authority (WTA)
Asian Development Bank
Which region of the world sends the most goods and services to Australia?
Asia
Europe
USA
Africa
Competitive advantage in business refers to?
How many likes a business gets on Facebook
How a business make a profit
An attribute or aspect of a business that allows it to outperform its competitors
How much profit a business makes?
Which of the following are types of competitive advantage?
Cost leadership
Differentiation
Cost focus
Large advertising budget
