This quiz works best with JavaScript enabled. Home > Economics > International > Trade > Trade Exchange And Interdependence – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Trade Exchange And Interdependence Quiz 2 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What term describes why bad weather in Eastern Europe would affect sugar prices in the United States? A) Trade. B) Interdependence. C) Specialization. D) Exchange. Show Answer Correct Answer: B) Interdependence. 2. A good or service brought in from another country for sale. A) Import. B) Export. C) Tariff. D) None of above. Show Answer Correct Answer: A) Import. 3. What is International Trade? A) A person who purchases (buys) goods and services. B) It is the exchange of goods between two persons. C) It is the exchange of goods and services between countries. D) A person, company or country that makes goods and services for sale. Show Answer Correct Answer: C) It is the exchange of goods and services between countries. 4. To completely stop trade with another country is an example of what type of political trade barrier? A) Tariffs. B) Embargo. C) Quota. D) Tax. Show Answer Correct Answer: B) Embargo. 5. What does Saudi Arabia specialize in trading? A) Apparel. B) Diamonds. C) Oil. D) Agriculture and Produce. Show Answer Correct Answer: C) Oil. 6. All of the following are traits which are common in entrepreneurs except: A) Good leader. B) Zionist. C) Creative. D) Innovative. Show Answer Correct Answer: B) Zionist. 7. Tariffs, quotas, and embargoes are all examples of A) Currency exchange. B) Trade barriers. C) Economic systems. D) Specialization. Show Answer Correct Answer: B) Trade barriers. 8. Why were the items brought to Europe, Africa, and Asia strange? A) Because they didn't taste like the food they were used to. B) Because they looked weird. C) Because the names of the items sounded odd. D) Because they had never seen them before. Show Answer Correct Answer: D) Because they had never seen them before. 9. What is NOT referred as a characteristic of international trade? A) Governmental Control. B) Foreign Currency. C) Comparative advantage. D) Separation of Buyers and Producers. Show Answer Correct Answer: C) Comparative advantage. 10. To limit the number of items that is imported from a specific country on a select goods is an example of which type of political trade barrier? A) Tariff. B) Embargo. C) Tax. D) Quota. Show Answer Correct Answer: D) Quota. 11. Why were the Africans' heads shaved? A) To prevent lice. B) To dehumanize them. C) To make them look like an military men. D) To prevent the spread of small pox. Show Answer Correct Answer: A) To prevent lice. 12. Which is an example of a quota? A) The U.S. pays a high tax on BMW cars brought into the country. B) The U.S. limits the amount of foreign cars brought into our country. C) The president Veto's a bill to stop trade in Africa. D) The U.S. stops trade with China. Show Answer Correct Answer: B) The U.S. limits the amount of foreign cars brought into our country. 13. How many member countries use the euro? A) 19. B) 25. C) 28. D) 9. Show Answer Correct Answer: A) 19. 14. If nations limit trade in of clothing who will benefit? A) Domestic producers of clothing. B) Domestic Consumers of clothing. C) Department stores who sell clothing. D) Foreign Producers of clothing. Show Answer Correct Answer: A) Domestic producers of clothing. 15. Which of the following would definitely move a country toward a current account deficit? A) An increase in imports. B) An increase in capital flow. C) An increase in exports. D) A decrease in foreign aid provided to other countries. Show Answer Correct Answer: A) An increase in imports. 16. Which of the following is NOT in the balance of payments A) Savings account. B) Financial account. C) Current account. D) Capital account. Show Answer Correct Answer: A) Savings account. 17. How are tariffs and quotas alike? A) They both restrict or limit trade between countries. B) They both completely stop trade between countries. C) They both increase trade between countries. D) They both make trading a lot easier between countries. Show Answer Correct Answer: A) They both restrict or limit trade between countries. 18. The US bans beef imports from Canada after a Mad Cow Disease outbreak there. This is an example of which type of barrier to trade? A) Quota. B) Embargo. C) Tariff. D) Subsidy. Show Answer Correct Answer: B) Embargo. 19. If Israel decides to import only 15, 000 pounds of sugar in 2020 to reduce obesity, what type of trade barrier are they using? A) Quota. B) Tariff. C) Embargo. D) Voluntary exchange. Show Answer Correct Answer: A) Quota. 20. One of the industries Israel specializes in is ..... A) Petroleum exports. B) Selling cotton textiles. C) Diamond polishing/cutting. D) Making clothing. Show Answer Correct Answer: C) Diamond polishing/cutting. 21. The Black Death spread along what? A) Trade routes from Asia. B) The routes of soldiers going to fight in the crusades. C) The movement of people fleeing natural disasters. D) Pilgrimage routes to Spain. Show Answer Correct Answer: A) Trade routes from Asia. 22. A limit placed on the number of goods brought into a country is a A) Tax. B) Embargo. C) Tariff. D) Quota. Show Answer Correct Answer: D) Quota. 23. An international agency that enforces trade agreements and settles trade disputes between nations A) EU. B) WTO. C) Trade International. D) NAFTA. Show Answer Correct Answer: B) WTO. 24. What does a protective tariff seek to protect? A) Domestic Industries. B) Free Trade. C) Revenue. D) Protectionists. Show Answer Correct Answer: A) Domestic Industries. 25. Trade is the exchange of goods and ..... A) Businesses. B) Services. C) Embargoes. D) Restrictions. Show Answer Correct Answer: B) Services. 26. The Silk Road led to what shared throughout societies? A) Horse trading and trading baseball cards. B) Goods and knowledge. C) Cars and motorcycles. D) Ideas and stock market tips. Show Answer Correct Answer: B) Goods and knowledge. 27. To transition to a mixed-market economy, countries need to:* ..... state-owned businesses. * open trade with other countries. * establish a fair-labor market. A) Crush. B) Privatize. C) Control. D) Establish. Show Answer Correct Answer: B) Privatize. 28. The conditions on the trip to the new world were ..... A) Great. B) Mines. C) Horrible. D) Good. Show Answer Correct Answer: C) Horrible. 29. Which of the following industry will be classified under sunrise industry prior to 1991? A) Food processing industry. B) Electronic industry. C) Both (a) and (b). D) None of these. Show Answer Correct Answer: B) Electronic industry. 30. Which countries participated in the Triangular Trade? A) North America, South America, and Africa. B) Europe, North America, and Africa. C) Europe, South America, and North America. D) Europe, Africa, Australia. Show Answer Correct Answer: B) Europe, North America, and Africa. ← PreviousNext →Related QuizzesInternational QuizzesEconomics QuizzesTrade Exchange And Interdependence Quiz 1Trade Exchange And Interdependence Quiz 3Trade Exchange And Interdependence Quiz 4Trade Exchange And Interdependence Quiz 5Trade Exchange And Interdependence Quiz 6Trade Exchange And Interdependence Quiz 7Trade Exchange And Interdependence Quiz 8Trade Exchange And Interdependence Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books