WorksheetsUnit 7: International Trade (IN1/IN2)
Total questions: 12
Worksheet time: 7mins
If I am better at all types of production, I have the ______ in ALL forms of production.
Infant industries can be helped financially in the world market by giving those industries a
What is one of the benefits of international trade?
Decreased production due to market saturation
Increased production and consumption due to efficiency gained through specialisation
Limited range of goods and services available in the market
Higher costs of production due to increased competition
How can firms experience greater economies of scale?
By reducing their market size
By limiting their customer base
By having access to larger (international) markets
By trading only within domestic markets
The government tells people what to buy and how much to buy:
Traditional Economy
Market Economy
Command Economy
Why would a country impose a tariff or quota on imported goods?
to raise the price of imported foreign goods, which would encourage people to buy domestic goods
to raise the price of imported foreign goods to help foreign countries make more money
to raise the price of exported goods so your country makes more money
to lower the price of imported foreign goods, which would encourage people to buy more imports
