WorksheetsInternational Trade
Total questions: 10
Worksheet time: 7mins
Tax on imported goods is known as
Quota
Tariff
Embargo
Licensing
Physical control to ban the imports of certain goods because of economics, social and politics is known as
Tariff
Quota
Embargo
License
The followings are reasons for international trade EXCEPT
Encourage opportunity in local direct investment
Increase productivity
Make the market more competitive
Increased efficiency
Which of the following is not a non-tariff barrier?
A. Subsidies
B. Tariff
C. Import Quota
D. Permit and Licensing
What is product life cycle theory for international trade?
A. trade between countries takes place because each country has different levels of resource intensity
B. international trade takes place because countries are at different stages of production levels
C. trade between countries is determined by the availability of related and supported industries
D. trade between countries is determined by similar comparative advantage to exchange similar products
Which of the following is NOT a benefit of free international trade?
A.
Benefits local farmers and small businesses
B. Opens up markets to a greater diversity of products
C.
Creates more competition for businesses
D.
Decreases labor
costs for big business
Which of the following best describes the term balance of trade?
A.
A trade agreement between two countries
B.
Trade among countries is equally beneficial for
all of the countries involved
C.
Countries are only allowed to import the same value of goods that they export
D.
The value of a country’s exports equals the country’s imports
Which two trades are intermediate between the producers and final comsumers?
Import and export trade
Wholesale and retail trade
