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- 1. Multiple Choice
In order to use their limited productive resources efficiently, countries and regions specialize.
True
False
- 2. Multiple Choice
Goods and services shipped to other countries and regions are called....
Exports
Imports
- 3. Multiple Choice
Goods and services bought and brought in from other countries and regions are called....
Exports
Imports
- 4. Multiple Choice
The trading of goods and services between countries of the world is called Global Trade.
True
False
- 5. Multiple Choice
Which of the following are trade barriers....(select 3)
Tariffs
Free Trade
Quota
Embargo
- 6. Multiple Choice
The US decides to charge an extra 10% for wheat shipped from Canada. This is------
a tariff
a quota
an embargo
free trade
- 7. Multiple Choice
Canada stopped all trade with North Korea. This is---
a tariff
a quota
an embargo
free trade
- 8. Multiple Choice
Canada placed a limit on the number of automobiles made in the US and shipped to Canada. This is----
a tariff
a quota
an embargo
free trade
- 9. Multiple Choice
Which of the following are key Canadian exports.....
lumber
office equipment
heavy machinery
oil
fish
- 10. Multiple Choice
Which of the following are key Canadian imports.....
lumber
office equipment
heavy machinery
oil
fish
- 11. Multiple Choice
Canada imports more than it exports, this results in a ____________________ trade balance
Positive
Negative
- 12. Multiple Choice
How does trade help buyers? (select 2)
Provides more choices
Allows factories to by materials at a cheaper rate
Gives producers access to more customers
Competition pushed down prices
- 13. Multiple Choice
How does trade help sellers? (select 2)
Provides more choices
Allows factories to by materials at a cheaper rate
Gives producers access to more customers
Competition pushed down prices
- 14. Multiple Choice
Which of the following were goals of NAFTA/USMCA? (select 2)
to deal an economic blow to Russia
allow countries needed goods without paying for them
to raise tariffs in the US, Mexico, and Canada
to expand the market for goods and services
to reduce trade barriers and increase trade in North America
- 15. Multiple Choice
Which countries are are a part of NAFTA/USMCA? (select 3)
Canada
Great Britain
Mexico
United States
Brazil
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