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WorksheetsInternational Trade Test
Total questions: 30
Worksheet time: 15mins
What is international trade?
The exchange of goods within a country
The exchange of capital, goods, and services across international borders
The process of manufacturing goods
The distribution of products within cities
Which factor has NOT contributed to the rapid growth of international trade?
Technological advancements
Trade agreements
Local transportation systems
Communication innovations
What is globalization?
The process of selling goods only within one's own country
The decreasing connection between world economies
The growing interdependence of world economies, cultures, and populations
The isolation of national markets
Which statement best describes exports?
Goods and services bought from other countries
Goods and services produced and sold to other countries
Products stored within a country
Services used only by domestic consumers
What is absolute advantage?
The ability to produce all types of goods
The ability to produce a good at a lower cost than another country
The ability to export more than import
The ability to create trade barriers
What is comparative advantage?
Having the most advanced technology
Having the largest workforce
Considering opportunity costs when choosing what to produce
Having unlimited natural resources
Which is a benefit of international trade?
Decreased consumer choices
Higher prices for all goods
Greater variety of goods for consumers
Limited market access
What is a negative consequence of international trade?
Worker displacement
Increased product quality
More consumer choices
Economic efficiency
What is a trade deficit?
When exports equal imports
When a country exports more than it imports
When a country imports more than it exports
When there is no international trade
What is a trade surplus?
When imports exceed exports
When exports exceed imports
When trade completely stops
When countries have equal trade
What is trade protectionism?
Promoting free trade between nations
Government restrictions on imports
Eliminating all trade barriers
Increasing exports only
Which is NOT a common trade barrier?
Tariffs
Quotas
Free trade agreements
Subsidies
What is free trade?
Trade with maximum restrictions
Trade without any restrictions or barriers
Trade only between neighboring countries
Trade with high tariffs
What is the purpose of trade agreements?
To increase trade barriers
To stop all international trade
To set terms for exchange of goods and services
To prevent globalization
What organization helps negotiate global trade agreements?
NAFTA
ASEAN
World Trade Organization (WTO)
CEFTA
How can international trade benefit workers?
By eliminating all jobs
By creating new job opportunities through business expansion
By reducing the need for skilled labor
By decreasing wages
How many countries are in the WTO (World Trade Organization)?
145
133
166
175
How does international trade affect consumers?
It reduces product choices
It increases all prices
It provides access to cheaper and higher quality items
It eliminates domestic products
What role does technology play in international trade?
It makes trade more difficult
It has no effect on trade
It makes moving goods and information easier
It prevents trade between nations
What is an environmental concern related to international trade?
Companies may locate where environmental laws are relaxed
Trade always improves environmental conditions
Environmental protection increases
Pollution completely stops
Products bought from businesses in other countries are called
Imports
Exports
Scenario: Maria is studying geography, and she learns about how different countries exchange goods and services with each other. She sees how products from all over the world are available in her local supermarket.
Question: What concept is Maria learning about?
Anika and Zoe are discussing business. Anika explains that ____________ is the buying or bringing in goods from other countries to sell.
Importing
Exporting
Trading
Bartering
What is a major disadvantage of globalization for local businesses?
Increased job opportunities
Higher competition from international brands
Increased access to technology
Better consumer choices
Which trade route is pictured above?
trans-Saharan
northern Europe – Black Sea
maritime routes
Silk Road
The US and ******** are currently placing tariffs on each other's goods
China
France
Australia
Germany
What is Trade War?
Countries fight with each other by throwing goods at each others
Similar to Star Wars
Selling and Buying a war
Countries fight against each other economically, using money instead of weapons
What is a tariff?
a tax on slaves
a tax on imported goods
a tax on property
a vote on slavery
