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WorksheetsInternational Trade
Total questions: 20
Worksheet time: 10mins
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.
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
4.
A trade agreement between Canada, Mexico, and the US
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
5.
This trade barrier limits the number of products that can be brought into a country.
a)
Tariff
b)
Quota
c)
Embargo
d)
Subsidy
6.
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
7.
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
8.
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
9.
Not trading with nations who create products using child labor is used in the argument for
a)
Domestic Jobs
b)
National Defense
c)
Human Rights
d)
Environment
10.
A major cost of freer trade from poor nations is that they will
a)
get cheaper stuff
b)
they will get more stuff
c)
environmental damage
d)
greater variety of stuff
11.
Who will be hurt by a tariff on medicine coming into the US.
a)
US medical companies
b)
US government revenue
c)
Sick people in US
12.
The main justification for an embargo on foreign goods is to
a)
Punish a nation
b)
raise revenue
c)
Increase consumption or the good
13.
Developed nations have all of the following except
a)
better education
b)
high levels of technology
c)
better health
d)
higher populations
14.
Underdeveloped nations tend to trade what type of goods
a)
Low skill products
b)
High tech goods
c)
finished products
d)
High skill products
15.
Tires made in Tennessee factories are used on cars in Europe.
a)
import
b)
export
16.
Watches made in Norway are worn by people in California.
a)
import
b)
export
17.
Diamonds found in South Africa are used to make rings in Maine.
a)
import
b)
export
18.
Chairs made in North Carolina are flown to Mexico.
a)
import
b)
export
19.
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
20.
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
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