WorksheetsInternational Trade Economics
Total questions: 25
Worksheet time: 10mins
Name
Class
Date
1.
Export means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
2.
Import means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
3.
To focus on producing one thing to improve productivity is known as:
a)
Specialization
b)
International trade
c)
Absolute Advantage
d)
Supply and Demand
4.
When determining comparative advantage one must determine
a)
Opportunity cost
b)
Specialization
c)
Absolute Advantage
d)
Embargos
5.
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
6.
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
7.
A trade agreement between Canada, Mexico, and the US
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
8.
This trade barrier limits the number of products that can be brought into a country.
a)
Tariff
b)
Quota
c)
Embargo
d)
Subsidy
9.
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
10.
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
11.
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
12.
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
13.
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
14.
The main justification for an embargo on foreign goods is to
a)
Punish a nation
b)
raise revenue
c)
Increase consumption or the good
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.
Jewelry from Brazil is sold in stores in Utah.
a)
import
b)
export
18.
Chairs made in North Carolina are flown to Mexico.
a)
import
b)
export
19.
Diamonds found in South Africa are used to make rings in Maine.
a)
import
b)
export
20.
Computers made in China are used by students in Texas.
a)
import
b)
export
21.
Wheat grown in Iowa is used to make cereal in South America.
a)
import
b)
export
22.
Why does the United States need to import products?
a)
The US does not import products
b)
Some are easier and cheaper to make in other countries
c)
The US makes all of its own products
23.
What does WTO stand for?
a)
World Trade Organisation
b)
World Telecoms Organisation
c)
We Trade Oranges
d)
World Tarriff Office
24.
The process by which people and economies around the world are becoming increasingly interconnected; the integration of national economies into the global economy.
a)
Trade Barrier
b)
Globalization
c)
Macroeconomics
d)
Microeconomics
25.
An international organization formed after WWII to promote international peace, security, and cooperation.
a)
World Trade Organization
b)
United Nations
c)
World Bank
d)
NAFTA-USMCA
100 %
