Trade Exchange And Interdependence Quiz 13 (20 MCQs)

Quiz Instructions

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1. How did they know it was time to trade?

Correct Answer: C) A boy hit a drum.

2. Value of all goods and services exported from a country minus the value of all goods and services imported from outside the country.

Correct Answer: C) Balance of trade.

3. Floating exchange rates

Correct Answer: C) Values are determined by supply and demand.

4. During the second Silk Roads era, these two groups began trading with one another for the first time:

Correct Answer: C) The Arabs and Chinese.

5. How did the African kings view the Africans they sold?

Correct Answer: A) Criminals, debtors, prisoners of war.

6. The value of the output of all final goods and services produced within a country in a year.

Correct Answer: B) Gross Domestic Product.

7. What will be the impact of a fall in the exchange rate on a business that sells imported goods in its own country?

Correct Answer: B) It will have to pay more for those goods.

8. What is a currency system in which each country tries to keep the value of its currency constant against one another called?

Correct Answer: A) Fixed exchange rate.

9. A tax on imports is a/an:

Correct Answer: A) Tariff.

10. Which is not part of the Old World?

Correct Answer: D) North & South America.

11. A tax placed on imported goods. million pounds per year.

Correct Answer: B) Tariff.

12. NAFTA caused trade barriers to be reduced resulting in-

Correct Answer: C) Decrease in price of goods.

13. They shared their ..... and ..... in Latin America.

Correct Answer: B) Religion, language.

14. Goods which are transported out of a country to another country.

Correct Answer: B) Exports.

15. Open account is a sale on credit where

Correct Answer: B) Seller sends the good first and collects payment later.

16. A government order stopping trade with another country

Correct Answer: B) Embargo.

17. What is bartering?

Correct Answer: C) Trading without using money.

18. What does the UAE export to Japan?

Correct Answer: C) Oil.

19. The Europeans sailed to the Americas in .....

Correct Answer: C) 1492.

20. What is an epidemic?

Correct Answer: A) An outbreak of disease that spreads quickly.