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Unit 4 International Trade Review

Total questions: 40

Worksheet time: 20mins

Name
Class
Date
1.

The principle that a country benefits from specializing in the production at which it is relatively most efficient thus uses lower opportunity costs.

a)

Law of Comparative Advantage

b)

Globalization

c)

Law of Increasing Costs

d)

Exports

2.

The process by which businesses or other organizations develop international influence or start operating on an international scale

a)

Imports

b)

Absolute Advantage

c)

Globalization

d)

Trade Surplus

3.

Goods and services produced in one country and sold to other countries

a)

Imports

b)

Trade Deficit

c)

Tariff

d)

Exports

4.

Goods and services consumed in a country but which have been purchased from other countries

a)

Trade Surplus

b)

Imports

c)

Globalization

d)

Quota

5.

When countries imports exceeds its exports

a)

Trade Deficit

b)

Quota

c)

Globalization

d)

Imports

6.

When countries exports exceeds its imports

a)

Trade Deficit

b)

Trade Surplus

c)

Free Trade

d)

Currency Appreciation

7.

Government imposed limit on the quantity of a good or service that can be sold (imported) in their country

a)

Quota

b)

Tariff

c)

Taxes

d)

Free Trade

8.

A tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services

a)

Tariff

b)

Quota

c)

Fair Trade

d)

Globalization

9.

The economy performs best with minimal government interaction in the market.

a)

Fair Trade

b)

Free Trade

c)

Globalization

d)

World Trade Organization (WTO)

10.

An increase in the value of a currency; one currency can buy more of another

a)

Currency Depreciation

b)

Foreign Direct Investment

c)

Currency Appreciation

d)

Tariffs

11.

A decrease in the value of a currency; it takes more of your currency to buy another

a)

Currency Appreciation

b)

Trade Surplus

c)

NAFTA

d)

Currency Depreciation

12.

What is a tax paid on imports?

a)

Tariff

b)

Embargo

c)

Subsidy

d)

Quota

13.

What is a limit on imports?

a)

Export

b)

Quota

c)

Embargo

d)

Subsidy

14.
Export means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
d)

only buying one kind of product

15.

The policy of erecting trade barriers to shield domestic markets from foreign competition.

a)

Free Trade

b)

Protectionism

c)

Trade Barriers

d)

Proportional Trade

16.

A ban on trade with a country or group of countries, usually for political reasons; a type of trade barrier.

a)

Protective Tariff

b)

Import Quota

c)

Trade Embargo

d)

VER

17.

The value of one currency in terms of another.

a)

Exchange Rate

b)

Term Currency

c)

Currency Term

18.

A North American agreement formed to promote trade between Canada, the United States, and Mexico. Just renamed recently.

a)

World Trade Organization

b)

United Nations

c)

World Bank

d)

NAFTA-USMCA

19.

The exchange of goods and services between countries is know as?

a)

Domestic trade

b)

International trade

c)

Export

d)

Commerce

20.

When a government orders a complete ban on trade with another country, that is an example of a/an

a)

embargo

b)

non export

c)

quota

d)

tariff

21.

Before goods enters a country they must meet a certain criteria. This is known as____________________

a)

Subsidy

b)

Safe goods

c)

Standards

d)

Non negotiable

22.

In 2016, the United States limited the number of Japanese cars imported to 2 million per year. This is an example of a/an ___________________

a)

Embargo

b)

Tariff

c)

Standard

d)

Quota

23.
A means of preventing a foreign product or service from freely entering a nation's territory.
a)
trade surplus
b)
trade embargo
c)
trade barriers
d)

trade increase

24.
A union which promotes free movement of goods and workers across borders in Euroupean countries.
a)
ASEAN
b)
EU
c)
NAFTA
d)

SST

25.
An association of 12 member nations of southeast Asia to promote economic growth, free trade and economic collaboration between member nations.
a)
ASEAN
b)
EU
c)
NAFTA
d)

SST

26.
Government makes payments to local suppliers to reduce the production costs of the supplier.
a)
embargo
b)
standard
c)
subsidy
d)

tariff

27.
The dollar strengthens.
a)
appreciate
b)
depreciate
c)

diagonal

d)

crossbody

28.
The dollar weakens.
a)
appreciate
b)
depreciate
c)

diagonal

d)

crossbody

29.
To focus on producing one thing to improve productivity is known as:
a)
Specialization
b)
International trade
c)
Absolute Advantage
d)
Supply and Demand
30.
When determining comparative advantage one must determine 
a)
Opportunity cost
b)
Specialization
c)
Absolute Advantage
d)
Embargos 
31.
A trade agreement between 27 countries of with the same currency and open trade between those nations.
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
32.

All of the following are terms used to describe limitations on trade except......

a)
Trade Barriers
b)
Sanctions
c)
Trade restrictions
d)
EU
33.
Which of the following is not a benefit of trade between nations?
a)
More stuff
b)
Better stuff
c)
cheaper stuff
d)
similar stuff
34.

If nations limit trade in the making of clothing, who will benefit?

a)

Domestic Consumers who import clothing

b)
Domestic producers of clothing
c)
Foreign Producers of clothing 
d)

Department stores who sell clothing

35.
Tariffs and Quotas can benefit nations imposing them by...
a)
Raising revenue
b)
increasing variety of goods
c)
lowering prices
d)
increasing consumption 
36.

Beginning industries can be helped in the world market by giving those industries a 

a)
subsidy
b)
quota
c)
embargo
d)
tariff
37.

Who will be hurt by a tariff on medicine coming into the US.?

a)
US medical companies
b)
US government revenue
c)
Sick people in US 
d)

Sick people in Europe

38.
Developed nations have all of the following except
a)
better education
b)
high levels of technology
c)
better health
d)
higher populations
39.
Underdeveloped nations tend to trade what type of goods
a)
Low skill products
b)
High tech goods
c)
finished products
d)
High skill products
40.
Apples grown in Georgia and shipped to Australia.
a)
Import
b)
Export
c)

Quota

d)

Subsidy

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