WorksheetsInternational Trade
Total questions: 13
Worksheet time: 13mins
Name
Class
Date
1.
A good or service produced in the home country and sold in another country.
a)
import
b)
export
2.
A good or service brought in from another country for sale.
a)
import
b)
export
c)
tariff
3.
The ability to produce more of a given product using a given amount of resources.
a)
comparative advantage
b)
absolute advantage
4.
The ability to produce a product most efficiently given all the other products that could be produced.
a)
absolute advantage
b)
comparative advantage
5.
A means of preventing a foreign product or service from freely entering a nation's territory.
a)
trade surplus
b)
trade embargo
c)
trade barriers
6.
A tax on imported goods.
a)
import
b)
export
c)
tariff
7.
A characteristic of an emerging economy is
a)
high foreign investment
b)
high standard of living
c)
slow growth
8.
The measure of how much one currency is worth in relation to another.
a)
change rate
b)
exchange rate
9.
When a country exports more than it imports.
a)
trade surplus
b)
trade deficit
10.
An excess of imports over exports.
a)
trade surplus
b)
trade deficit
11.
Value of all goods and services exported from a country minus the value of all goods and services imported from outside the country.
a)
free trade
b)
protectionism
c)
balance of trade
12.
A union which promotes free movement of goods and workers across borders in Euroupean countries.
a)
ASEAN
b)
EU
c)
NAFTA
13.
GDP stands for
a)
Gigantic Domestic Production
b)
Gross Domestic Product
c)
Great Domestic Profit
100 %
