Global Trade Quiz

What is the process of the world's economies becoming more interconnected?

• Trade Imbalance

• Globalization

• Negative externalities

• Outsourcing

What is the dollar value of the final goods and services produced in a country's borders in a given year?

• Intermediate Goods

• Absolute advantage

• Gross Domestic Product (GDP)

• Specialization

When a country has significant differences in exports vs imports, it is called?

• Trade Surplus

• Trade Deficit

• Developing Country

• Comparative Advantage

What is the policy that promotes the elimination of trade barriers, such as tariffs and quotas?

• Quota

• Free Trade

• Protectionism

• Tariff

What is a tax on imports that one country imposes on another?

• Tariff

• Embargo

• Sanctions

• Trade War

When two countries impose tariffs on each other's goods, usually to force some action, it is called?

• Trade War

• Absolute advantage

• Quota

• Protectionism

What is a refusal to trade with another country?

• Outsourcing

• Specialization

• Negative externalities

• Embargo

When a business transfers work overseas, usually from a developed country to developing countries, it is called?

• Outsourcing

• Trade Balance

• Developed Country

• Intermediate Goods

What is a limit on the amount of goods that one country can import from another?

• Gross Domestic Product (GDP)

• Quota

• Comparative Advantage

• Trade Imbalance

When one country can outproduce another in a direct competition, it is called?

• Absolute advantage

• Negative externalities

• Protectionism

• Trade Surplus