WorksheetsChapter 7 - Global Economics
Total questions: 26
Worksheet time: 24mins
This is a product sent to a foreign country for sale
(a)
This is a product brought in for sale form a foreign country
(a)
An 18th century Scottish economist said that specializing in one good rather than several sparks trade between nations creating peace.
Jamie Fraser
Adam Smith
Samuel Birr
Edward Jones
The cost of one currency expressed in terms of another currency
(a)
Difference between value of a nation's exports and it's imports
(a)
Negative balance of trade occurs if country spends more on imports
(a)
An accounting of countries and all financial transactions that involve other financial dealings
(a)
Tax on imports
(a)
Protective Tariffs are intended simply as a source of government income
True
False
Protective Tariffs are intended to add to the consumer price to discourage buying out to the country
True
False
A government limited on the quantity or value of a certain imported product
Protectionism
Quota
Embargo
Free Trade
A policy of using trade restrictions to protect domestic business from foreign competition
(a)
A policy of minimizing trade restrictions
(a)
An international organization that governs trade between over 140 nations
General Agreement of Tariffs and Trade (GATT)
European Union (EU)
World Trade Organization (WTO)
North American Free Trade Agreement (NAFTA)
An agreement signed by 90 countries in 1941 that promotes international trade; a new one was sighed in 1994 to reduce or remove trade barriers
General Agreement of Tariffs and Trade (GATT)
European Union (EU)
World Trade Organization (WTO)
North American Free Trade Agreement (NAFTA)
Wide ranging regional trade agreement between U.S., Canada, and Mexico to gibe legal protections to investors and international business starting in January 1994. Was renamed in 2020 to USMCA.
General Agreement of Tariffs and Trade (GATT)
European Union (EU)
World Trade Organization (WTO)
North American Free Trade Agreement (NAFTA)
Organization of European nations with the goal to create a unified and strong market.
General Agreement of Tariffs and Trade (GATT)
European Union (EU)
World Trade Organization (WTO)
North American Free Trade Agreement (NAFTA)
companies with divisions in more than two countries
(a)
Category of Imports/Exports:
Items produced in other countries that are shipped whole (cellphones)
(a)
Category Imports/Exports:
Items produced in other countries that are shipped as parts (Automotive)
(a)
Category Imports/Exports:
Items that grown and harvested in other countries and are shipped (Bananas)
(a)
Category Imports/Exports:
Actions/jobs that are completed outside the country (Accounting)
(a)
Category Imports/Exports:
Items that are products of the land from other countries and are shipped (petroleum and Iron)
(a)
Exports
is a product sent to a foreign country for sale
Imports
Is a product brought in for sale form a foreign country
Tariff
Tax on imports
Quota
A government limited on the quantity or value of a certain imported product
Embargo
Government order prohibiting trade
Protective Tariffs
Are intended to add to the consumer price to discourage buying out to the country
Revenue Tariffs
Are intended simply as a source of government income
Exchange Rate
The cost of one currency expressed in terms of another currency
Balance of Trade
Difference between value of a nation's exports and it's imports
Trade Deficit
Negative balance of trade occurs if country spends more on imports
Balance of Payments
An accounting of countries and all financial transactions that involve other financial dealings
Revenue Tariffs
Are intended simply as a source of government income
Protective Tariffs
Are intended to add to the consumer price to discourage buying out to the country
