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WorksheetsImports, Exports and Exchange Rates
Total questions: 84
Worksheet time: 42mins
Tennessee get cars made from Japan.
Import
Export
Kentucky got shoes made in China
Import
Export
North Dakota received boots made in Canada
Import
Export
Car parts made in Alabama are sold to Mexico.
Import
Export
Hats made in New Mexico are sold to Spain.
Import
Export
Plates are made in China and shipped to us in Washington.
Import
Export
Scarves made in Australia are shipped to Africa.
Import
Export
Canada gets Jewelry that was made in Mexico
Import
Export
If you ordered a Teriyaki McBurger at a McDonald's in Japan for 350 yen, how much would that cost in U.S. dollars?
1 yen = 0.007 dollars
$24.50
$245
$2.45
$350
China has to pay extra money when they import their steel into the United States. What is this trade barrier called?
Subsidy
Tariff
Quota
Embargo
Which trade barrier is represented by the image?
Tariff
Quota
Standards
Subsidy
If you ordered a McTrio McMexico at a McDonald's in Mexico for 149 pesos, how much would that cost in U.S. dollars?
1 peso = 0.05 dollars
$0.75
$7.45
$74.50
$745
The countries shown on the map are part of which trade agreement?
ASEAN
NAFTA
The EU
Match the following countries to the following trade agreements.
NAFTA
United States, Canada, and Mexico
The EU
Italy, Spain, Germany, Ireland, Belgium...
ASEAN
Vietnam, Thailand, Singapore, Malaysia, The Philippines...
Imports are a feature of global markets. Which of the following is an example of a UK import?
A lamp made in China is sold to UK customers
A vase made in Spain is sold to customers in Spain
A table made in the UK is sold to customers in Germany
A kettle made in the UK is sold to UK customers
ASEAN (Association of South East Asian Nations) is an example of which of the following?
Tariff
Import
Trade bloc
Export
Which statement best describes the overall effect of globalization?
Globalization makes producing, buying, and selling of goods easier and more economical.
Globalization affects most countries in the world in the same ways.
Globalization helps countries preserve their traditional cultures.
Globalization hurts the economy of most underdeveloped countries.
Match the correct Word to it's definition.
goods or materials that are shipped to other nations to be sold
Export
goods or materials that are brought into a nation from abroad
Import
a tax levied on a particular type of import or export
Tariff
A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (taxes on exports).
Free Trade
Trade
Goods
Supply and Demand
How do globalization and climate change relate to one another?
Increased pollution in the air from travel, shipping, and more adds to the effects of greenhouse gasses
Decreased pollution helps to minimize the effects of greenhouse gasses
The use of renewable energy since globalization began has made globalization carbon neutral
They do not relate to one another
What are some of the negative effects of globalization?
All of these
The environment can suffer from additional pollution
People in industrialized countries might lose their jobs
People in developing countries remain poor and without insurance
What is globalization?
The worldwide coming together of nations and countries
The process of immigrating to a new country
Creating local market to support small business owners
It is the increase in nationalism and isonlationism
When people from different areas share language, stories, religions, and ways of life; this is known as...
cultural exchange
environmentalism
tariffs
totalitarianism
Which is an effect of an increase in a country’s terms of trade?
Higher living standards
Decrease in living standards
An increase in competitiveness of the country’s goods and services
An increase in the current account of the balance of payments
Which of the following countries make up NAFTA?
United states, Canada, Alaska
United states, Canada, Mexico
United states, Canada, Iceland
United States, Alaska, Mexico
Which of these country is NOT a member of ASEAN?
Cambodia
Brunei darussalam
Laos
China
The European Union is one powerful global economic bloc. ASEAN is best described as being:
A free trade zone
A confederation of states
A monetary union
Political union
what is the main reason behind introducing Euro as common currency
Promotes economic sovereignty
Protect business from currency fluctuations
allow free movement of people
None of the above
Which of the following countries is not a member of the EU?
Croatia
Spain
Malta
Turkey
A common or single market will have all of the following features except:
No internal trade barriers
Common external tariff
Factor and asset mobility
A common currency
What is the purpose of NAFTA?
To increase trade between the countries of North America
To help Canada become a more independent nation
To eliminate the environmental issues between the nations involved
Define trading bloc.
Groups of countries that agree to reduce or eliminate trade barriers between themselves
Union that adopts a common currency
Measure of the the price of a country’s exports relative to its imports.
refers to the value of exports minus imports.
Governmental tax on imported goods
floating currency
tariff
trade sanction
embargo
Which country is the world’s leading goods exporter?
Japan
China
Germany
United States
Which two of the following are benefits of globalisation for businesses?
Access to larger markets
Lower cost of production overseas
Lower transportation costs
Less complexity
Choose two reasons why businesses locate operations in another country
...pay less tax.
...access highly skilled labour markets
...enhance their reputation at home.
...improve quality control.
During a recession demand for luxury items will _________ and demand for basic items will ___________.
fall, rise
fall, fall
rise, fall
rise, rise
During a 'boom' unemployment is _______ and consumer spending is ____________
low, high
low, low
high, low
high, high
Ethical behavior is about...
...doing what is morally right.
...doing the right thing by shareholders.
...recycling wherever possible.
...not breaking the law.
The main problem with behaving in an ethical and environmentally friendly way is that...
...it tends to increase business costs.
...it is too 'political'.
...it normally reduces sales.
...it isn't the job of business to worry about these things.
In 2009 the exchange rate of the Singapore dollar changed from 1.49 = 1 US dollar to 1.43 Singapore dollars = 1 US dollar.
How would this affect the import prices and export prices for Singapore?
decrease/decrease
decrease/increase
increase/decrease
increase/increase
What does it mean when an economist says a currency is stronger?
It can be exchanged for more of a lesser foreign currency
It can be converted to prices in any currency
There a few things it could buy
It will buy fewer foreign goods
If you are going to visit America and have $2999 to spend, how much currency could you obtain? (1AUD = 0.68USD)
= 1x 0.68
= 1 / 0.68
= 2999 x 0.68
= 2999 / 0.68
An appreciation of a country's currency means that for foreigners this country's goods are
Cheaper
More expensive
If the exchange rate is £1 = $1.25, what is $2250 equivalent to in £ pounds?
£1800
£2813
£2250
None of the answers
£1700
Which Business is not a Multi National Company
How many countries are part of the European Union
23
52
27
34
Imports are a feature of global markets. Which of the following is an example of a UK import?
A lamp made in China is sold to UK customers
A vase made in Spain is sold to customers in Spain
A table made in the UK is sold to customers in Germany
A kettle made in the UK is sold to UK customers
A UK business extends its delivery service to include overseas markets. This is an example of changing which element of the marketing mix to compete internationally?
Product
Price
Promotion
Place
A UK business might relocate operations abroad in order to:
Benefit from higher labour costs
Avoid import tariffs
Build a factory on more expensive land
Avoid bad publicity created through the closure of UK factories
Which of the following is a benefit to UK businesses of globalisation?
Being vulnerable to the world economic climate
Increased competition can lead to business failure
Access to new and bigger markets
Multinational firms are increasingly powerful
Which of the following best describes the term multinationals?
Goods made in one country and then sold to a different country
Businesses that have operations in more than one country
Goods or services that are bought from overseas
Businesses that only have operations in one country
A multinational business reduces the amount charged for products sold in a country with lower than average income levels. Which element of the marketing mix has been changed to help the business compete internationally?
Product
Price
Promotion
Place
Which two of the following are drawbacks to independent UK businesses of globalisation?
Increased competition from overseas businesses
Costs can be reduced through the use of cheaper labour
Global brands can dominate markets
Opportunity to increase sales
Access to cheaper raw materials
Which two of the following businesses are acting as exporters?
A UK retailer buys goods from overseas suppliers to sell in the UK
A UK supermarket buys milk from UK farmers to sell in its UK stores
A UK based car manufacturer sell cars to the Japanese market
A UK mountain bike producer sells its products to the USA
A UK confectionery business buys cocoa from abroad to produce chocolate bars in the UK
Which of the following is true in relation to tariffs?
Buyers might be encouraged to purchase home produced goods instead of imports if a tariff is imposed on imported goods
Tariffs restrict the number of imports a country can receive in a particular time period
Tariffs discourage trade between countries that are members of a trade bloc
When a tariff is imposed on imported goods they will become cheaper in that market
A means of preventing a foreign product of service from freely entering a nation's territory.
Trade War
Trade Off
Trade Association
Trade Barrier
The value of a nations currency in relation to a foreign currency.
Equilibrium Rate
Export Rate
Exchange Rate
Import Rate
Which are a positive effects of globalization?
opening of new markets
increased pollution
loss of job in the US
cheaper consumer goods
higher standards of living in developing countries
Investment by a person or company based in another country is called _____________ .
distribution
economic interdependency
foreign investment
imports
A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (taxes on exports).
Free Trade
Trade
Goods
Supply and Demand
