English Vocabulary for International Trade

What is the definition of international trade?

• The exchange of goods and services between countries

• The exchange of goods and services within a country

• The exchange of goods and services between individuals

• The exchange of goods and services within a company

Which of the following is an example of an import?

• A country selling goods to another country

• A country buying goods from another country

• A country selling goods within its own borders

• A country buying goods from its own citizens

What is a trade deficit?

• When a country exports more than it imports

• When a country imports more than it exports

• When a country has an equal amount of imports and exports

• When a country does not engage in international trade

What is a tariff?

• A tax on imported goods

• A tax on exported goods

• A tax on domestic goods

• A tax on all goods

What is a trade barrier?

• A restriction on the quantity of goods that can be imported

• A restriction on the quantity of goods that can be exported

• A restriction on the quantity of goods that can be produced domestically

• A restriction on the quantity of goods that can be consumed domestically

What is a free trade agreement?

• An agreement between countries to eliminate trade barriers

• An agreement between countries to increase trade barriers

• An agreement between countries to limit imports

• An agreement between countries to limit exports

What is a trade surplus?

• When a country exports more than it imports

• When a country imports more than it exports

• When a country has an equal amount of imports and exports

• When a country does not engage in international trade

What is a balance of trade?

• The difference between a country's exports and imports

• The total value of a country's exports

• The total value of a country's imports

• The total value of a country's trade

What is a trade agreement?

• An agreement between countries to eliminate trade barriers

• An agreement between countries to increase trade barriers

• An agreement between countries to limit imports

• An agreement between countries to limit exports

What is a trade partner?

• A country that engages in international trade

• A country that does not engage in international trade

• A country that only exports goods

• A country that only imports goods