International Trade
12 hours ago
bglenn
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23 QuestionsShow answers
  • Question 1
    30 seconds
    Q.

    If the country of Columbia has an optimal climate, low labor costs and the reputation for the world's best tasting coffee, it has a ______ in coffee production.

    answer choices

    Comparative advantage

    Specialization

    Absolute advantage

    Trade Barrier

  • Question 2
    30 seconds
    Q.

    A trade agreement between 27 countries of with the same currency and open trade between those nations.

    answer choices

    NAFTA

    EU

    WTO

    ABC

  • Question 3
    30 seconds
    Q.

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

    answer choices

    Trade Barriers

    Sanctions

    Trade restrictions

    WTO

  • Question 4
    30 seconds
    Q.

    This trade barrier limits the number of products that can be brought into a country.

    answer choices

    Tariff

    Quota

    Embargo

    Subsidy

  • Question 5
    30 seconds
    Q.

    This is a tax on imports that is used to increase price of foreign products and raise government revenue.

    answer choices

    tariff

    quota

    subsidy

    embargo

  • Question 6
    30 seconds
    Q.

    The main justification for an embargo on foreign goods is to

    answer choices

    Punish a nation

    raise revenue

    Increase consumption or the good

  • Question 7
    30 seconds
    Q.

    Developed nations have all of the following except

    answer choices

    better education

    high levels of technology

    better health

    low productivity

  • Question 8
    30 seconds
    Q.

    Underdeveloped nations tend to trade what type of goods

    answer choices

    Low skill products

    High tech goods

    finished products

    High skill products

  • Question 9
    45 seconds
    Q.

    What is PROTECTIONISM?

    answer choices

    economic policy of restricting imports from other countries

    economic policy of restricting exports from other countries

    economic policy of imports from other countries

    economic policy encouraging exports from other countries

  • Question 10
    45 seconds
    Q.

    INTERNATIONAL TRADE is...

    answer choices

    the exchange of goods and services within state borders

    the exchange of capital, goods, and services within a country's borders

    the exchange of capital, goods, and services among nations

    designed to discourage the exchange of goods across international borders or territories

  • Question 11
    45 seconds
    Q.

    The president Trump has enacted tariff barriers China against China and a lot of people worried that China might retaliate and enact the same tariff barriers. This could be called a

    answer choices

    Trade war

    reallocation of resources

    pillar of national security

    means of improving trade relations

  • Question 12
    45 seconds
    Q.

    Which are known as the advantages of international trade (mark all that apply)?

    answer choices

    Opportunity to specialize

    Encouraging exports and discouraging imports

    Positive Balance of Trade for all importers and exporters

    Increased revenues

    More purchasing options for consumers

  • Question 13
    30 seconds
    Q.

    In 1962, the United States sanctioned Cuba and prohibited all imports and exports to and from Cuba. This is an example of which trade barrier?

    answer choices

    A sanction implemented as a tariff

    A sanction implemented as an embargo

    A sanction implemented as a quota

    A sanction implemented as free trade

  • Question 14
    60 seconds
    Q.

    Why would a country impose a tariff or quota on imported goods?

    answer choices

    to raise the price of imported foreign goods, which would encourage people to buy domestic goods

    to raise the price of imported foreign goods to help foreign countries make more money

    to raise the price of exported goods so your country makes more money

    to lower the price of imported foreign goods, which would encourage people to buy more imports

  • Question 15
    30 seconds
    Q.

    How has international trade changed the way cars are made (mark all that apply)?

    answer choices

    Cars have a higher percentage of its parts coming from domestic sources

    Cars have a higher percentage of its parts coming from international sources

    Cars tend to innovate with new features more quickly

    It is more difficult to say a car is "domestic" by its manufacturer's name alone

  • Question 16
    30 seconds
    Q.

    The currency used by countries in the EU is the

    answer choices

    Pound

    Dollar

    Euro

    Franc

  • Question 17
    30 seconds
    Q.

    (T/F) Imports are goods and services purchased from other nations.

    answer choices

    True

    False

  • Question 18
    30 seconds
    Q.

    The United States has a Competitive Advantage in producing high-tech products because of its infrastructure

    answer choices

    in low labor costs and tax policies that promote manual labor

    in raw materials and an educated work force

    designed around a traditional economy

    in conservative businesses that are slow to change

  • Question 19
    10 seconds
    Q.

    Tires made in Tennessee factories are used on cars in Europe.

    answer choices

    import

    export

  • Question 20
    10 seconds
    Q.

    Diamonds found in South Africa are used to make rings in Maine.

    answer choices

    import

    export

  • Question 21
    10 seconds
    Q.

    Baseball bats made in Kentucky are used by baseball players in Japan.

    answer choices

    import

    export

  • Question 22
    30 seconds
    Q.

    If a nation has more exports than imports, it is said to have

    answer choices

    Positive balance of trade

    Negative balance of trade

    International trade potential

    Unfavorable international trade position

  • Question 23
    30 seconds
    Q.

    (T/F) Economic alliances among nations often fracture political alliances, thus are detrimental to world peace.

    answer choices

    True

    False

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