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WorksheetsInternational Trade
Total questions: 20
Worksheet time: 13mins
Name
Class
Date
1.
When determining comparative advantage one must determine
a)
Opportunity cost
b)
Specialization
c)
Absolute Advantage
d)
Embargos
2.
To focus on producing one thing to improve productivity is known as:
a)
Specialization
b)
International trade
c)
Absolute Advantage
d)
Supply and Demand
3.
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
4.
A trade agreement between Canada, Mexico, and the US
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
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.
Tariffs and Quotas can benefit nations imposing them by...
a)
Raising revenue
b)
increasing variety of goods
c)
lowering prices
d)
increasing consumption
7.
Infant industries can be helped in the world market by giving those industries a
a)
subsidy
b)
quota
c)
embargo
d)
tariff
8.
Diamonds found in South Africa are used to make rings in Maine.
a)
import
b)
export
9.
Chairs made in North Carolina are flown to Mexico.
a)
import
b)
export
10.
Wheat grown in Iowa is used to make cereal in South America.
a)
import
b)
export
11.
Sending goods to another country to sell.
a)
import
b)
export
12.
Bringing goods in from another country to sell.
a)
import
b)
export
13.
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
14.
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
15.
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
16.
When a country exports more than it imports.
a)
trade surplus
b)
trade deficit
17.
When a country imports more than exports, it will have....
a)
trade surplus
b)
trade deficit
18.
Government makes payments to local suppliers to reduce the production costs of the supplier.
a)
embargo
b)
standard
c)
subsidy
19.
The dollar strengthens.
a)
appreciate
b)
depreciate
20.
The dollar weakens.
a)
appreciate
b)
depreciate
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