WorksheetsEcon Unit 5 Vocab Quiz: International Trade
Total questions: 10
Worksheet time: 5mins
What is the term for goods and services brought into a country from another country?
Exports
Imports
Tariffs
Trade Barriers
Which organization oversees and facilitates global trade agreements and resolves trade disputes?
International Monetary Fund (IMF)
World Trade Organization (WTO)
United Nations (UN)
World Bank
What is the term for a tax imposed on imported goods and services to protect domestic industries?
Free Trade
Tariffs
Trade Embargo
Outsourcing
What is the practice of obtaining goods or services from an external or foreign supplier to reduce costs called?
Globalization
Outsourcing
Protectionism
Free Trade Agreement
Which term describes the unrestricted flow of goods and services between countries?
Protectionism
Free Trade
Trade Barriers
Trade Deficit
What is the term for a company that operates in multiple countries?
Multinational Corporation (MNC)
Trade Embargo
Comparative Advantage
Supply Chain
What is the term for policies or restrictions that make it difficult or expensive to trade?
Trade Barriers
Free Trade Agreement
Globalization
Trade Deficit
What is the term for a situation where a country imports more than it exports?
Trade Surplus
Trade Deficit
Trade Embargo
Comparative Advantage
What is the term for an official ban on trade with a specific country, often for political reasons?
Free Trade Agreement
Trade Embargo
Tariffs
Outsourcing
What is the term for a pact between two or more countries to reduce or eliminate trade barriers?
Protectionism
Free Trade Agreement (FTA)
Globalization
Supply Chain
