WorksheetsMr Frayne IAL Unit 4
Total questions: 50
Worksheet time: 26mins
a trade barrier that blocks trade with a country
Tariff
boycott
quota
embargo
trade barrier
a trade barrier that limits imported goods
Tariff
boycott
quota
embargo
trade barrier
an action that slows or blocks the exchange of goods and services between countries
European Union
trade barrier
embargo
sanction
boycott
Is this a tariff, a quota, or an embargo?
The European Union places a block on all Syrian imports
Tariff
Quota
Embargo
Is this a tariff, a quota, or an embargo?
The European Union enforces a limit on mechanical pencils from China
Tariff
Quota
Embargo
Is this a tariff, a quota, or an embargo?
The European Union adds a new tax on all grain from Russia
Tariff
Quota
Embargo
Argentina has placed a tax on foreign milk imports to protect their dairy farmers.
Tariff
Quota
Embargo
What is a tariff?
A tariff is a subsidy given to domestic producers.
A tariff is a fee charged for using public transportation.
A tariff is a discount offered to customers for purchasing a product.
A tariff is a tax or duty imposed on imported or exported goods.
What is the purpose of a tariff?
The purpose of a tariff is to lower consumer prices.
The purpose of a tariff is to protect domestic industries.
The purpose of a tariff is to promote economic growth.
The purpose of a tariff is to increase international trade.
How does a tariff affect the price of imported goods?
The price of imported goods decreases.
The price of imported goods remains the same.
The price of imported goods fluctuates.
The price of imported goods increases.
What is a quota?
A quota is a predetermined or fixed amount or limit that is set for something.
A quota is a type of clothing.
A quota is a unit of measurement.
A quota is a type of fish.
What is the purpose of a quota?
The purpose of a quota is to encourage competition and increase market efficiency.
The purpose of a quota is to limit consumer choices and restrict freedom.
The purpose of a quota is to promote unfair trade practices and hinder economic growth.
The purpose of a quota is to control or regulate the quantity or quality of something.
Which of the following best describes the recent trend in the growth rate of the UK economy compared to emerging economies?
The UK is growing much faster than emerging economies
Emerging economies are generally growing at a faster rate than the UK
Both are growing at the same rate
The UK economy is shrinking while emerging economies are stagnant
Which of the following is a likely implication of economic growth for individuals in a country?
Lower literacy rates
Increased employment opportunities
Reduced access to healthcare
Decreased standard of living
Which countries are classified as emerging markets?
Spain, Mexico, Germany, Turkey
Canada, Australia, France, Italy
Brazil, Russia, India, China, South Africa
USA, UK, Japan, Germany
Which country is not part part of the BRICS?
China
Brazil
South Korea
Russia
Which country is an example of an emerging economy?
Brazil
United Kingdom
Europe
United Arab Emirates
What would be the result of the actions in the sentence below ?
A country builds schools and universities and invest in other education programs for its population to attend.
The population will buy more capital goods
The population will have a high literacy rate
The country’s workforce will decrease
Which of the following are benefits of Foreign direct investments?
Job creation
Non- improved new technology
Helping countries with limited resources
No difference in government policies
the value of all the goods and services produced within the country
A country’s GDP divided by its total population.
GDP per capita
GDP growth rate
Gross Domestic Product
Literacy rate
The total value of all goods and services produced in a country every year.
Imports
Exports
Gross Domestic Product (GDP)
Literacy Rate
A company that invests investment (in the form of product marketing or manufacturing subsidiaries) into many countries is called ________.
Direct export company
Foreign company
Multinational company
Company with global business relationship
Which is a negative aspect of FDI
Job creation across the nation
Cash infusion into the local economy
Transfer of technology
Potential of a monopoly
6 Which tool of protection would be the least effective if demand for imports is price inelastic?
A embargo
B exchange control
C quota
D tariff
In 2015 the EU paid British Farmers 10p for every pint of milk produced. This is an example of a .....
Tariff
Quota
Form of Financial Protectionism
Subsidy
Over-production in developed countries may be released into the markets of developing nations, which undercuts domestic prices and domestic producers may be forced to leave the market. This is called....
Dumping
Quota
Tariffs
Embargo
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 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
What is a decrease in the value of a currency?
Appreciation
Depreciation
Inflation
Absolute advantage
A depreciation of a country's currency means for this country's residents that imported goods are
Cheaper
More expensive
An appreciation of a country's currency means that for foreigners this country's goods are
Cheaper
More expensive
How does a strong currency affect a country's exports and imports?
A strong currency makes exports more expensive and imports cheaper.
A strong currency reduces the cost of both exports and imports.
A strong currency makes exports cheaper and imports more expensive.
A strong currency has no impact on exports and imports.
What is outsourcing?
The practice of hiring additional employees to perform certain tasks or provide services that were previously done in-house.
The practice of automating tasks or services that were previously done in-house.
The practice of merging two companies to perform certain tasks or provide services that were previously done in-house.
The practice of hiring a third-party company or individual to perform certain tasks or provide services that were previously done in-house.
What is offshoring?
The practice of relocating business operations or services to a different city within the same country.
The practice of relocating business operations or services to a foreign country.
The practice of relocating business operations or services to a different country within the same continent.
The practice of outsourcing business operations or services to a foreign country.
What is the difference between outsourcing and offshoring?
Outsourcing refers to contracting work to an external entity, while offshoring specifically refers to relocating business processes to a foreign country.
Outsourcing refers to hiring local workers, while offshoring refers to hiring foreign workers.
Outsourcing refers to relocating business processes to a foreign country, while offshoring refers to contracting work to an external entity.
Outsourcing refers to hiring temporary workers, while offshoring refers to hiring permanent workers.
Political stability
Push Factor
Pull Factor
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
What strategy do companies often use to overcome trade barriers?
Decreasing product prices
Engaging in FDI
Reducing product quality
Limiting market presence
Which of the following best describes the term Foreign Direct Investment (FDI)?
When a country makes an investment into a company
When a domestic country invests into its own companies
When a company makes an investment into a foreign country and has right to control
When foreign individuals invest in domestic stock markets
Why do MNC's choose Ireland?
Grants
Low Corporation Tax
EU Member
All of the above
What is an example of an Inferior Good?
A Prada Necklace
Off-Brand Cereal (store brand)
Drake's new album
The NBA
When you make a decision and you give up one option, the option you gave up is called your:
Inferior choice
Normal choice
Switched Lane
Opportunity Cost
"Giving up one benefit in order to gain another, greater benefit"
Opportunity Cost
Trade Off
Being a baller
Specialization
Pillars of the single market
Goods Services Capital and people
Goods people Capital and transport
Goods services sales and capital
Goods people borders and capital
What is a Customs Union?
A trade bloc that restricts immigration
A trade bloc that only allows certain goods
A trade bloc with a common external tariff
A trade bloc with no tariffs
What does a Common Market allow in addition to free movement of goods?
Free movement of tariffs
Free movement of ideas only
Free movement of military forces
Free movement of people and capital
Which of the following is an example of an Economic Union?
NAFTA
Mercosur
European Union
ASEAN
