How does specialization help trade?
Unit 5 Review

Quiz
•
Social Studies
•
7th Grade
•
Medium
LaDonna Lawrence
Used 9+ times
FREE Resource
29 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It makes goods more expensive.
It allows countries to produce everything they need.
It helps countries focus on producing goods they are best at, increasing efficiency.
It reduces the need for trade between countries.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a tariff?
A limit on the number of goods that can be imported.
A tax on imported goods.
A total ban on trade with another country.
A system for exchanging currencies.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a quota?
A limit on the number of goods that can be imported.
A tax on imported goods.
A ban on trade with another country.
A measure of economic output per person.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do we need to exchange currencies in international trade?
To ensure that goods are delivered faster.
Because different countries use different money, it needs to be converted for trade.
To avoid trade barriers like tariffs and quotas.
To make trade less expensive.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a benefit of voluntary trade?
It allows countries to get goods they cannot produce themselves.
It increases the variety of products available.
It makes all products free.
It encourages cooperation between countries.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three main trade barriers?
Specialization, tariffs, and quotas.
Tariffs, quotas, and embargoes.
Literacy rates, human capital, and GDP per capita.
Capital goods, entrepreneurship, and specialization.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the literacy rate?
The knowledge and skills workers gain through education and training.
The percentage of people who can read and write.
The total economic output is divided by the population.
The number of schools in a country.
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