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International Trade

Total questions: 16

Worksheet time: 8mins

Name
Class
Date
1.

What is a tax paid on imports?

a)

Tariff

b)

Embargo

c)

Subsidy

d)

Quota

2.

What is a limit on imports?

a)

Export

b)

Quota

c)

Embargo

d)

Subsidy

3.
Export means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
4.
When determining comparative advantage one must determine 
a)
Opportunity cost
b)
Specialization
c)
Absolute Advantage
d)
Embargos 
5.

Goods and services produced in other countries and sold domestically.

a)

import

b)

export

6.

Goods and services produced domestically and sold in other countries.

a)

import

b)

export

7.

The policy of erecting trade barriers to shield domestic markets from foreign competition.

a)

Free Trade

b)

Protectionism

c)

Trade Barriers

8.

A ban on trade with a country or group of countries, usually for political reasons; a type of trade barrier.

a)

Protective Tariff

b)

Import Quota

c)

Trade Embargo

d)

VER

9.

The value of one currency in terms of another.

a)

Exchange Rate

b)

Term Currency

c)

Currency Term

10.

A North American agreement formed to promote trade between Canada, the United States, and Mexico. Just renamed recently.

a)

World Trade Organization

b)

United Nations

c)

World Bank

d)

NAFTA-USMCA

11.

The exchange of goods and services between countries is know as?

a)

Domestic trade

b)

International trade

c)

Export

d)

Commerce

12.

Which of the following is a form of trade barrier?

a)

Quota

b)

Tarrif

c)

Embargo

d)

All of the above

13.

When a government orders a complete ban on trade with another country, that is an example of a/an

a)

embargo

b)

non export

c)

quota

d)

tariff

14.

Before goods enters a country they must meet a certain criteria. This is known as____________________

a)

Subsidy

b)

safe goods

c)

Standards

d)

non negotiable

15.

In 2016, the United States limited the number of Japanese cars imported to 2 million per year. This is an example of a/an ___________________

a)

Embargo

b)

Tariff

c)

Standard

d)

Quota

16.

The currency used by countries in the EU is the

a)

Pound

b)

Dollar

c)

Euro

d)

Franc