basics of trade

basics of trade

9th - 12th Grade

30 Qs

quiz-placeholder

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basics of trade

basics of trade

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Julia Peters

Used 1+ times

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30 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

1. What is one main reason countries trade with each other?

To increase taxes
To gain access to resources
To reduce workers’ wages
To avoid innovation

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

2. What does trade usually do to consumer prices?

Raises them
Lowers them
Keeps them the same
Makes them unpredictable

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

3. Why does trade increase consumer choice?

More domestic firms open
Imports bring goods from abroad
Governments set quotas
Consumers demand less

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

4. How does trade encourage innovation?

By reducing investment
By limiting competition
By increasing competition between firms
By restricting imports

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

5. Which of the following explains “differences in resources”?

All countries produce the same goods
Countries specialise based on climate and skills
Consumers prefer imports
Governments set tariffs

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

6. What is an example of differences in resources?

Saudi Arabia exporting oil
UK importing coffee
Brazil exporting bananas
All of the above

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

7. Economies of scale occur when firms…

Produce more and lower average costs
Reduce output to increase prices
Focus on domestic markets only
Avoid innovation

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