Global Trade and Economics Quiz

What is specialization in economics?

• Trading with other countries
• Focusing resources on producing specific goods or services
• Having unlimited resources
• Importing foreign products

What term describes when countries depend on each other for trade?

• Globalization
• Exportation
• Interdependence
• Commercialization

Which of these is considered a capital good?

• Coal miners
• Oil reserves
• Factory equipment
• Skilled workers

What is the definition of an import?

• Goods produced within a country
• Goods sold to other countries
• Goods bought from other countries
• Natural resources found locally

What is an export?

• Goods purchased from other countries
• Products used within a country
• Goods and services sold to other countries
• Resources found within borders

What are trading partners?

• Countries that share borders
• Countries that trade goods and services with each other
• Countries that speak the same language
• Countries that share the same currency

What is a productive resource?

• Only natural materials from the earth
• Only human workers and their skills
• Only machines and equipment
• Natural, human, or capital resources used to make goods

What is an entrepreneur in the context of global trade?

• Someone who exports goods
• Someone who takes risks to start a business
• Someone who works in factories
• Someone who transports goods