ch3 quiz 1

_______ are goods and services that are made in one country and sold to other countries

• Tangibles

• Imports

• Countertrades

• Exports

The Blue Bird Bus Co. of Manitoba sells buses to the South African government. To South Africa, these buses are an example of;

• Intangibles

• Tariffs

• Imports

• Exports

In 2021, Romania exported $84.9 billion and imported products valued at $74.69 billion. The difference between the dollar value of its exports and imports represents a:

• positive balance of payment

• trade deficit

• positive trade deficit

• trade surplus

________ is the reduction of a currency's value relative to another currency.

• Exchange depreciation

• Devaluation

• Evaluation

• Currency leveling

Japan bans importation of rice to protect its domestic rice industry. This ban is an example of:

• free trade

• dumping

• countertrading

• protectionism

A total prohibition against importing certain products is called a(n):

• embargo

• boycott

• tariff

• restrictive limit

A(n) ______ is a tax levied by a nation on imported good.

• embargo

• tariff

• boycott

• subsidy

Which of the following is an example of a natural trade barrier?

• Exchange controlds

• Price

• Distance

• Government controls