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WorksheetsInternational
Total questions: 15
Worksheet time: 15mins
Name
Class
Date
1.
The ability of one person or nation to produce more of a good than another person or nation
a)
Comparative Advantage
b)
Absolute advantage
c)
exports
d)
protectionism
2.
Exports minus imports or how many goods a county exports versus imports
a)
Exports
b)
Subsidy
c)
Quotas
d)
Balance of Trade
3.
A regional trade organization made up of European nations
a)
NAFTA
b)
EU
c)
ASEAN
d)
CARICOM
4.
Agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the US
a)
NAFTA
b)
EU
c)
ASEAN
d)
CARICOM
5.
Limit of the amount of a good that can be imported
a)
Subsidy
b)
Quota
c)
Exports
d)
Appreciation
6.
A good that is sent to another country for sale
a)
export
b)
import
c)
quota
d)
subsidy
7.
Government payments to a local supplier to reduce the supplier costs. This helps local businesses survive because it is getting direct aid from the government
a)
Balance of trade
b)
protectionism
c)
exchange rate
d)
subsidy
8.
Measure the price of one nation’s currency in terms of another nation’s currency
a)
appreciation
b)
depreciation
c)
exchange rate
d)
balance of trade
9.
The US bans beef imports from Canada after a Mad Cow Disease outbreak there. This is an example of which type of barrier to trade?
a)
Standards
b)
Quota
c)
Subsidy
d)
Tariff
10.
According to the law of comparative advantage, a country should
a)
Specialize and export goods with the lowest production cost
b)
Specialize and export goods with the lowest opportunity cost
c)
Specialize and export goods with the lowest average cost
d)
Specialize and export goods with the highest opportunity cost
11.
What is an official ban on trade or other commercial activity with a particular country?
a)
Tariff
b)
Product standard
c)
Embargo
d)
Quota
12.
The ability to produce a product most efficiently given all the other products that could be produced.
a)
Absolute Advantage
b)
Comparative Advantage
c)
Positive Advantage
d)
Negative Advantage
13.
A situation in which a nation imports more goods and services than it exports.
a)
Balance of Trade
b)
Balance of Payments
c)
Trade Surplus
d)
Trade Deficit
14.
A situation in which a nation exports more goods and services than it imports.
a)
Balance of Payments
b)
Trade Surplus
c)
Trade Deficit
d)
Balance of Trade
15.
A tax on imported goods.
a)
Embargo
b)
Subsidy
c)
Tariff
d)
Quota
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