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WorksheetsJC International Trade & Globalisation
Total questions: 16
Worksheet time: 8mins
What is the term for an economy in which goods and services are freely traded with other economies?
Isolated economy
Closed economy
Mixed economy
Open economy
What are imports in the context of international trade?
Tax charged on imports
Domestic products
Goods and services bought from other countries
Goods and services sold to other countries
What is the difference between visible trade and invisible trade?
Visible trade involves goods, while invisible trade involves services
Visible trade involves services, while invisible trade involves goods
Both involve goods
Both involve services
What is the balance of trade?
Difference between visible imports and visible exports
Tax charged on imports
Limit on the quantity of goods produced
Difference between total imports and total exports
When there is a surplus balance of trade, what does it mean?
Visible exports are greater than visible imports
Visible imports are greater than visible exports
Total exports are greater than total imports
Total imports are greater than total exports
What is the balance of payments?
Difference between total imports and total exports
Difference between visible imports and visible exports
Difference between visible imports and visible exports
Difference between total imports and total exports
What is a tariff in the context of international trade?
Tax charged on exports
Tax charged on imports
Limit on the quantity of goods produced
Ban on the trade of certain goods
What is a quota?
Ban on the trade of certain goods
Limit on the quantity of goods produced
Tax charged on imports
Price support given by the government to businesses
What is an embargo?
Tax charged on imports
Limit on the quantity of goods produced
Ban on the trade of certain goods
Price support given by the government to businesses
What is a subsidy?
Tax charged on imports
Ban on the trade of certain goods
Price support given by the government to businesses
Limit on the quantity of goods produced
What is international trade?
Exchange of goods and services within a country
Exchange of goods and services between different countries
Exchange of goods and services within a region
Exchange of goods and services within a continent
What does import substitution involve?
Replacing imports with local production
Replacing local production with imports
Banning imports
Taxing imports heavily
How is the balance of trade calculated?
Total exports - total imports
Visible exports - visible imports
Total imports - total exports
Visible imports - visible exports
How is the balance of payments calculated?
Visible exports - visible imports
Total imports - total exports
Visible imports - visible exports
Total exports - total imports
How is a country’s wealth measured?
ARP
COD
GDP
RTE
What does GDP stand for?
Giant Domestic Product
Great Domestic Product
Good Domestic Product
Gross Domestic Product
