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WorksheetsUnderstanding Global Trade Dynamics
Total questions: 37
Worksheet time: 32mins
What is the primary purpose of international trade?
To establish political alliances between nations.
To exchange goods and services between countries.
To promote cultural exchange among countries.
To increase tariffs on imported goods.
Name one advantage of free trade agreements.
Increased unemployment rates
Reduced market access for exporters
Higher tariffs on imports
Increased economic growth
What does the term 'trade balance' refer to?
The number of trade agreements a country has.
The amount of foreign investment in a country.
The difference between a country's exports and imports.
The total value of a country's currency.
How do tariffs affect international trade?
Tariffs increase international trade by lowering the cost of imports.
Tariffs reduce international trade by increasing the cost of imports, leading to decreased demand and potential trade disputes.
Tariffs promote free trade by eliminating barriers.
Tariffs have no impact on international trade dynamics.
What is the role of the World Trade Organization (WTO)?
To regulate domestic markets in member countries.
To set global environmental standards.
To provide loans to developing countries.
The WTO's role is to promote and regulate international trade.
Define the term 'comparative advantage' in trade.
Comparative advantage refers to the total production capacity of a country in trade.
Comparative advantage is the ability to produce a good at a higher opportunity cost than another producer.
Comparative advantage is the ability to trade goods without any cost involved.
Comparative advantage is the ability to produce a good at a lower opportunity cost than another producer.
What are non-tariff barriers to trade?
Taxes imposed on imported goods
Subsidies provided to domestic industries
Non-tariff barriers to trade are restrictions other than tariffs that countries impose to control the amount of trade.
Trade agreements between countries
How can currency exchange rates impact international trade?
Currency exchange rates have no effect on trade balances.
Currency exchange rates can significantly impact international trade by affecting the prices of exports and imports.
Higher exchange rates always benefit exporters.
Exchange rates only influence domestic markets, not international trade.
What is the significance of trade blocs like the EU or NAFTA?
Trade blocs isolate member countries from global markets.
Trade blocs primarily focus on military alliances.
Trade blocs enhance economic cooperation, reduce trade barriers, and promote stability among member countries.
Trade blocs increase tariffs on imports.
Explain the concept of globalization in relation to trade.
Globalization isolates economies by promoting local trade only.
Globalization enhances international trade by reducing barriers and increasing economic interdependence among countries.
Globalization decreases competition by limiting market access.
Globalization has no impact on trade between countries.
They use wheat, skin of male deer (bucks) and muskeet balls to do the business.
(a)
Process of trading service or goods between TWO PARTIES without using MONEY in the transaction.
(a)
They used to barter services to trade their goods like fur and crafts to the East, in exchange for perfumes and silk.
(a)
It is the origin of money where it first recognized metal coins during 1000 BC
(a)
Around 700 BC, the Chinese moved from coins to paper money.
(a)
Use an industrial facility to manufacture coins.
(a)
It is the region name of Turkey before?
(a)
Coins were in production even before Croesus possibly under King Gyges.
(a)
Produced a bimetallic system of pure GOLD and pure SILVER COINS.
(a)
Coins and Paper Money led to an increase in international trade.
(a)
In Works Trade Organization there is (a) ?
In WTO there is?
(a)
Economic Problem is an (a) ?
The were mainly of the view that focus should be an economic growth in a priority basis.
(a)
It is the first classical country-based theory, which was propounded around 17-18th century.
(a)
This theory has been one of the most talked about and debated theories.
(a)
In 1776, the economist Adam Smith criticized the theory of mercantilism in his publication, "The Wealth of Nations", and propounded the theory of (a) ?
The theory flourished in the 19th century and was propounded by David Ricardo.
(a)
This theory strengthened the understanding of the nature of trade and acknowledges it's benefits.
(a)
The proposed theory dealt with the concept of comparative advantage that a country can gain by producing products that make use of the factors there are present in abundance in the country's production factors like land, labour, capital, etc.
(a)
Is the country's inherent ability to produce specific goods efficiently and effectively at a relatively lower marginal cost, lesser workforce, lesser time, lesser cost without comprising the quality.
(a)
It refers to the country's capability to produce the specific for at lower marginal cost and opportunity cost composted to other countries.
(a)
It is the cost incurred in producing an additional unit of a product.
(a)
It means the value you will get from an alternative that you did not choose.
(a)
Produced in gold, jade, quartz, and wood became most common and acceptable from of money through many centuries.
(a)
Made in gold were the first local form of coinage called piloncitos.
(a)
A crude bronze or copy coin worth about one centavo, was the first coin struck in the country as ordered by the Royalty of Spain.
(a)
