Understanding Trade Concepts

Understanding Trade Concepts

8th Grade

15 Qs

quiz-placeholder

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Understanding Trade Concepts

Understanding Trade Concepts

Assessment

Quiz

Business

8th Grade

Easy

Created by

Nwaorgu Isdore

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of import regulations?

To promote international trade without restrictions.

To increase the number of goods imported without limits.

The purpose of import regulations is to control the importation of goods for safety, economic, and regulatory reasons.

To eliminate tariffs and taxes on all imported goods.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Name one key document required for exporting goods.

Bill of Lading

Export License

Packing List

Commercial Invoice

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do export regulations impact international trade?

Export regulations only affect domestic markets.

Export regulations simplify international trade processes.

Export regulations have no impact on trade costs.

Export regulations impact international trade by influencing costs, market access, and compliance requirements.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of customs in import and export?

Customs are responsible for marketing products abroad.

Customs only handle domestic shipping regulations.

Customs provide financial loans to exporters.

Customs regulate trade, collect duties, ensure compliance, and prevent illegal activities.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define fair trade practices in the context of global trade.

Fair trade practices ensure equitable trading conditions, fair wages, and sustainable practices for producers in developing countries.

Fair trade practices eliminate all forms of regulation in global markets.

Fair trade practices prioritize maximizing profits for large corporations.

Fair trade practices focus solely on reducing tariffs in international trade.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the benefits of fair trade for producers?

Producers receive lower prices for their goods.

Fair trade eliminates all competition among producers.

Producers are required to work longer hours without pay.

Fair trade benefits producers by ensuring fair prices, stable income, improved working conditions, and community empowerment.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does trade contribute to economic development?

Trade contributes to economic development by enhancing market access, promoting specialization, increasing competition, and attracting investment.

Trade decreases the variety of goods available.

Trade leads to economic isolation.

Trade reduces the need for local production.

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