ISS Unit 7 Test 2024
Authored by Brandi Hall
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19 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
__________ is a country's ability to produce a good at a lower opportunity cost than another country can.
Comparative Advantage
Productive Capacity
Quota
Tariff
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A __________ is a tax on imported goods.
Quota
Tariff
Trade Barrier
Restriction
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
__________ refers to countries joining together in a group and deciding not to pass laws that block or limit trade.
market economy
free trade
developing economy
economic diplomacy
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A country has a trade __________ when the value of the products it imports exceeds the value of the products it exports
barrier
deficit
balance
surplus
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A small percentage of goods produced in the United States are __________, or sold to other countries.
tarriffed
imported
exported
traded
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is a limit placed on the amount of foreign goods imported?
quota
tariff
key trade
sanction
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The WTO is an international organization that...
institutes trade barriers
sets the exchange rate
sets the discount rate
oversees trade
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