International trade and resources

Which term refer to the exchange of goods and services between different countries?

• Good And service trade

• International trade

• domestic trade

• All the answers above

What is the name for the difference between a country's exports and imports of goods and services?

• Foreign direct investment

• Current account balance

• Trade balance

• Fiscal deficit

What does the abbreviation WTO stand for in international economics?

• World Trade Organization

• World Tariff Organization

• Worldwide Trading Order

• World Taxation Office

Which term refers to the total value of a country's exports and imports of goods and services?

• Trade surplus

• Gross Domestic Product (GDP)

• Current account deficit

• Balance of payments

Which factor of production refers to natural resources and raw materials used in production?

• Labor

• Capital

• Entrepreneurship

• Land

What is the main benefit of international trade?

• Increased domestic production

• Higher employment rates

• Improved standard of living

• Reduced competition

What does FDI stand for in international economics?

• Foreign Direct Investment

• Financial Data Integration

• Fiscal Development Index

• Foreign Debt Investment

What is the main purpose of imposing tariffs on imported goods?

• To generate revenue for the government

• To encourage domestic consumption

• To protect domestic industries

• To promote international cooperation

Which economic theory suggests that a country should specialize in producing goods?

• Absolute advantage

• Comparative advantage

• Balance of trade

• Protectionism

What is the primary reason behind countries engaging in international trade?

• To reduce domestic production costs

• To achieve self-sufficiency

• To increase government control over the economy

• To benefit from specialization and comparative advantage