International Commerce and Trade Quiz

What does a country get from international trade?

• Less work

• More variety of products

• Fewer goods

• Higher prices

What is a tariff?

• A free gift

• A tax on imports

• A type of transport

• A price discount

Who pays the tariff?

• The importer (buyer)

• The exporter (seller)

• The government

• The shipping company

Which group supports free trade between countries?

• FIFA

• WTO

• NATO

• Netflix

If a country exports more than it imports, it has a:

• Trade surplus

• Trade problem

• Trade quota

• Trade holiday

What is supply?

• What buyers want

• What sellers offer

• What the bank gives

• What customs officers do

What is demand?

• What sellers want to buy

• What consumers want to buy

• What taxes are called

• What happens in a factory

If more people want a product, what happens to demand?

• Demand goes down

• Demand stays the same

• Demand goes up

• Demand disappears

If supply goes down and demand stays the same, what happens to price?

• Price goes up

• Price goes down

• Price stays the same

• Price becomes free

Which of these is a reason for trade between countries?

• Different weather

• Different resources

• Lower production costs

• All of the above