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WorksheetsIntro to Business Chapter 2.3, 3.1, 3.2 Quiz Review
Total questions: 28
Worksheet time: 14mins
True or False: Imports refer to goods and services purchased from other countries.
True
False
True or False: Exports are items that a country sells to other countries.
True
False
True or False: A positive balance of trade means a country imports more than it exports.
True
False
True or False: The balance of payments includes all financial transactions made between a country and the rest of the world.
True
False
True or False: An increase in exchange rates means that a country’s currency is strengthening against others.
True
False
True or False: Infrastructure refers only to transportation systems in a country.
True
False
True or False: Tariffs are taxes imposed on imported goods.
True
False
True or False: An embargo is a restriction on trade with a specific country.
True
False
True or False: A budget surplus occurs when government revenues exceed expenditures.
True
False
True or False: National debt is the total amount of money a government owes to its creditors.
True
False
Which of the following is NOT a trade barrier?
Quota
Tariff
Subsidy
Export
What is a quota?
A limit on the amount of a good that can be imported.
A tax on exports.
A type of bond.
A financial statement.
Which financial instrument represents ownership in a company?
Bond
Stock
Certificate of deposit
Loan
What is the main purpose of capital projects?
To improve trade relations.
To invest in long-term physical assets.
To create a budget surplus.
To increase imports.
Which of the following best describes the balance of trade?
The difference between a country’s exports and imports.
The total value of all financial transactions.
The amount of money a country borrows.
The total value of stocks and bonds.
What does a budget deficit indicate?
More revenue than expenses.
More expenses than revenue.
Equal revenue and expenses.
Excess savings.
What is an example of an exchange rate?
The amount of money a country spends on imports.
The price of one currency in terms of another currency.
The total value of exports.
The amount of national debt.
Which of the following is a consequence of trade barriers?
Increased competition.
Lower prices for consumers.
Reduced availability of goods.
Improved quality of imported goods.
A bond is best described as:
A share in a company.
A loan made by an investor to a borrower.
A tax on imports.
A type of currency exchange.
Which of the following is true about national debt?
It is always decreasing.
It represents money owed by the government.
It includes personal debt of citizens.
It is irrelevant to the economy.
A _______ restricts the amount of a specific good that can be imported.
quota
tariff
subsidy
embargo
When a country sells goods to another country, these are known as _______.
exports
imports
tariffs
subsidies
A _______ is a tax imposed on goods coming into a country.
tariff
subsidy
quota
embargo
If a government collects more revenue than it spends, it has a _______.
budget surplus
budget deficit
balanced budget
trade surplus
The total amount of money that a government owes to creditors is called _______.
national debt
budget deficit
trade balance
fiscal surplus
26. What is the difference between imports and exports?
Imports are goods brought into a country, while exports are goods sent out of a country.
Imports are goods sent out of a country, while exports are goods brought into a country.
Imports and exports are both goods sent out of a country.
Imports and exports are both goods brought into a country.
27. What are some potential effects of imposing a tariff on imported goods?
Increase in domestic prices
Decrease in government revenue
Improvement in international relations
Reduction in domestic production
28. An embargo is a restriction or prohibition on trade with a particular country. Which of the following is an example of when an embargo might be used?
To promote free trade between countries
To punish a country for political reasons
To encourage tourism
To increase cultural exchange
