Trade Exchange And Interdependence Quiz 19 (20 MCQs)

Quiz Instructions

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1. Which institution developed to provide Europeans with labor in the New World?

Correct Answer: B) African slavery.

2. Which was traded from the New World to the Old World?

Correct Answer: C) Potatoes and corn.

3. An economy that has reached industrialization

Correct Answer: A) Developed economy.

4. Converting one nation's money into an equivalent value/quantity of another's

Correct Answer: C) Currency Exchange.

5. A situation in which a nation imports more goods and services than it exports.

Correct Answer: D) Trade Deficit.

6. What is the primary purpose NAFTA?

Correct Answer: A) To reduce trade barriers among the US, Canada, and Mexico.

7. What did the English ship captains typically offer in trade for a cargo of captured African slaves?

Correct Answer: A) Guns and finished products.

8. Which nation leads the Middle East region in the production and export of oil?

Correct Answer: D) Saudi Arabia.

9. Jamaica sells bauxite to the USA which best describes Jamaica's action?

Correct Answer: C) Export.

10. NAFTA is an agreement between all of the following countries EXCEPT

Correct Answer: C) Great Britain.

11. Settlement is also known as

Correct Answer: D) Payment.

12. Under open account arrangement, the credit status and general reputation of the buyer and seller are

Correct Answer: A) Good (Trust has built up between parties).

13. "We rode our camels across the desert, carrying salt." This sentence describes what trade route?

Correct Answer: C) Trans-Saharan Trade.

14. Which is a form of international trade?

Correct Answer: A) Trading between China and Jamaica.

15. Wheat, barley, oats, and rice were grains that was introduced to where?

Correct Answer: A) America.

16. What is worth?

Correct Answer: C) Equal in value.

17. Developed nations have all of the following except

Correct Answer: D) Higher populations.

18. The main language spoken in Brazil is ..... while most of the other parts of Latin America speak .....

Correct Answer: A) Portuguese, Spanish.

19. The last stage of economic growth is

Correct Answer: C) The high development stage.

20. In which countries do buyers and sellers usually come to agreement on prices in order to trade? (mostly market)

Correct Answer: D) United Kingdom and United States.