WorksheetsU.S. & International Trade
Total questions: 21
Worksheet time: 1hrs 3mins
Name
Class
Date
1.
Which of the following was NOT included in the original six members of the European Community?
a)
Belgium
b)
France
c)
Ireland
d)
Italy
2.
When was the World Trade Organization established?
a)
2005
b)
1995
c)
1985
d)
1975
3.
Which of the following is NOT a level of economic integration?
a)
Political union
b)
Custom union
c)
Free trade
d)
Political democracy
4.
Which of the following is the formula for determining a country’s balance of trade?
a)
Total exports - total imports
b)
Total exports + total imports
c)
Total exports x total imports
d)
Total exports ÷ total imports
5.
About how much of the total federal budget does foreign aid account for?
a)
Five percent
b)
Ten percent
c)
One percent
d)
Fifteen percent
6.
Which term is used to describe the comparison of the amount of foreign currency taken into a country versus the amount of domestic currency paid out?
a)
Foreign exchange rate
b)
Payment exchange rate
c)
Balance of trade
d)
Balance of payments
7.
Which of the following is NOT a way money moves from one country to another?
a)
Tourism
b)
Foreign investments
c)
Foreign policy development
d)
Imports and exports
8.
Which of the following accurately defines quota?
a)
A special tax placed on foreign goods sold in the U.S.
b)
A method used to stop the shipment of certain products to or from particular countries
c)
A packing and shipping regulation for hazardous products
d)
A fixed limit on the amount of import or export of a product
9.
Which of the following accurately defines a tariff?
a)
A special tax placed on foreign goods sold in the U.S.
b)
A method used to stop the shipment of certain products to or from particular countries
c)
A packing and shipping regulation for hazardous products
d)
A fixed limit on the amount of import or export of a product
10.
Which of the following accurately defines embargo?
a)
A special tax placed on foreign goods sold in the U.S.
b)
A method used to stop the shipment of certain products to or from particular countries
c)
A packing and shipping regulation for hazardous products
d)
A fixed limit on the amount of import or export of a product
11.
Domestic Trade
a)
trade within the same region or country
b)
method used to stop the shipment of certain products to and from a particular country for economic or political reasons
c)
special tax placed on foreign goods sold in the United States
d)
fixed limit on the amount of import/export of a product set when trading with another country
12.
World Trade
a)
trade between different regions or countries
b)
trade within the same region or country
c)
method used to stop the shipment of certain products to and from a particular country for economic or political reasons
d)
special tax placed on foreign goods sold in the United States
13.
World Trade Organization
a)
international organization overseeing world trade; ensures world trade occurs in a smooth and free-flowing manner with little disruption
b)
trade between different regions or countries
c)
trade within the same region or country
d)
method used to stop the shipment of certain products to and from a particular country for economic or political reasons
14.
Exports
a)
goods produced in one country, then shipped to another region or country
b)
international organization overseeing world trade; ensures world trade occurs in a smooth and free-flowing manner with little disruption
c)
trade between different regions or countries
d)
trade within the same region or country
15.
Imports
a)
foreign goods shipped into a country or region
b)
goods produced in one country, then shipped to another region or country
c)
international organization overseeing world trade; ensures world trade occurs in a smooth and free-flowing manner with little disruption
d)
trade between different regions or countries
16.
Balance of Trade
a)
country's total amount of exports minus the total amount of imports
b)
foreign goods shipped into a country or region
c)
goods produced in one country, then shipped to another region or country
d)
international organization overseeing world trade; ensures world trade occurs in a smooth and free-flowing manner with little disruption
17.
Balance of Payments
a)
comparison of amounts of foreign currency taken into a country versus amounts of domestic currency paid out
b)
country's total amount of exports minus the total amount of imports
c)
foreign goods shipped into a country or region
d)
goods produced in one country, then shipped to another region or country
18.
Foreign Exchange Rate
a)
rate at which one currency may be converted into another; used when world trade occurs
b)
comparison of amounts of foreign currency taken into a country versus amounts of domestic currency paid out
c)
country's total amount of exports minus the total amount of imports
d)
foreign goods shipped into a country or region
19.
Quota
a)
fixed limit on the amount of import/export of a product set when trading with another country
b)
rate at which one currency may be converted into another; used when world trade occurs
c)
comparison of amounts of foreign currency taken into a country versus amounts of domestic currency paid out
d)
country's total amount of exports minus the total amount of imports
20.
Tariff
a)
special tax placed on foreign goods sold in the United States
b)
fixed limit on the amount of import/export of a product set when trading with another country
c)
rate at which one currency may be converted into another; used when world trade occurs
d)
comparison of amounts of foreign currency taken into a country versus amounts of domestic currency paid out
21.
Embargo
a)
method used to stop the shipment of certain products to and from a particular country for economic or political reasons
b)
special tax placed on foreign goods sold in the United States
c)
fixed limit on the amount of import/export of a product set when trading with another country
d)
rate at which one currency may be converted into another; used when world trade occurs
100 %
