This quiz works best with JavaScript enabled. Home > International > Trade > Trade Exchange And Interdependence – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Trade Exchange And Interdependence Quiz 3 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Why were the items brought to Europe, Africa, and Asia strange? A) Because they had never seen them before. B) Because they looked weird. C) Because they didn't taste like the food they were used to. D) Because the names of the items sounded odd. Show Answer Correct Answer: A) Because they had never seen them before. 2. 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. 3. 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) Quota. B) Embargo. C) Tariff. D) Tax. Show Answer Correct Answer: A) Quota. 4. 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. 5. Which is an example of a quota? A) The U.S. stops trade with China. B) The U.S. limits the amount of foreign cars brought into our country. C) The U.S. pays a high tax on BMW cars brought into the country. D) The president Veto's a bill to stop trade in Africa. Show Answer Correct Answer: B) The U.S. limits the amount of foreign cars brought into our country. 6. How many member countries use the euro? A) 28. B) 9. C) 19. D) 25. Show Answer Correct Answer: C) 19. 7. If nations limit trade in of clothing who will benefit? A) Domestic Consumers of clothing. B) Domestic producers of clothing. C) Foreign Producers of clothing. D) Department stores who sell clothing. Show Answer Correct Answer: B) Domestic producers of clothing. 8. Which of the following would definitely move a country toward a current account deficit? A) An increase in exports. B) An increase in imports. C) An increase in capital flow. D) A decrease in foreign aid provided to other countries. Show Answer Correct Answer: B) An increase in imports. 9. Which of the following is NOT in the balance of payments A) Current account. B) Financial account. C) Capital account. D) Savings account. Show Answer Correct Answer: D) Savings account. 10. 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. 11. 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) Embargo. B) Quota. C) Subsidy. D) Tariff. Show Answer Correct Answer: A) Embargo. 12. 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. 13. One of the industries Israel specializes in is ..... A) Diamond polishing/cutting. B) Petroleum exports. C) Selling cotton textiles. D) Making clothing. Show Answer Correct Answer: A) Diamond polishing/cutting. 14. The Black Death spread along what? A) Pilgrimage routes to Spain. B) Trade routes from Asia. C) The routes of soldiers going to fight in the crusades. D) The movement of people fleeing natural disasters. Show Answer Correct Answer: B) Trade routes from Asia. 15. A tariff ..... A) Encourages people to buy goods made from their country. B) Increases trade between other countries. C) Stops trade completely. D) Only placed to encourage democracy. Show Answer Correct Answer: A) Encourages people to buy goods made from their country. 16. A limit placed on the number of goods brought into a country is a A) Tariff. B) Quota. C) Embargo. D) Tax. Show Answer Correct Answer: B) Quota. 17. An international agency that enforces trade agreements and settles trade disputes between nations A) NAFTA. B) WTO. C) EU. D) Trade International. Show Answer Correct Answer: B) WTO. 18. What does a protective tariff seek to protect? A) Protectionists. B) Free Trade. C) Revenue. D) Domestic Industries. Show Answer Correct Answer: D) Domestic Industries. 19. Trade is the exchange of goods and ..... A) Services. B) Businesses. C) Embargoes. D) Restrictions. Show Answer Correct Answer: A) Services. 20. 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. ← PreviousNext →Related QuizzesInternational QuizzesTrade Exchange And Interdependence Quiz 1Trade Exchange And Interdependence Quiz 2Trade 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 9Trade Exchange And Interdependence Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books