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Trade And Currency
Test Description: Review questions on trade barriers, economies, and currency exchange.
Instructions: Answer all questions to get your test result.
1) How do trade barriers hinder voluntary trade from occurring?
A
Makes traveling to countries easier.
B
Currency can not be converted.
C
Effects the price and availability of goods.
D
Builds a wall around a country.
2) What are trade barriers.
A
The literacy rate of a population.
B
Limits on trade between countries.
C
Private citizens and corporations.
D
Speed bumps in the parking lot.
3) Why do countries have to exchange currencies when trading with other countries?
A
To make the money worth more so the buyer can buy more goods.
B
To confuse the seller so he lowers his prices.
C
So that the bank can make more money.
D
So the buyer has the same currency as the seller.
4) Who make the currency exchange for countries?
A
A bank that deals in currency exchange.
B
The fish seller at the market.
C
The Customs officer at the dock.
D
The buyers next door neighbor.
5) What are tariffs?
A
Taxes on goods and services.
B
Services done by buyers and sellers.
C
A dessert sold at a fine restaurant.
D
Goods sold by Cuba.
6) What is an embargo?
A
A trade ban placed on a country.
B
The money used to purchase goods.
C
A limit on the number of goods sold.
D
A free trade zone.
7) Why do countries impose quotas on goods and services?
A
To help other countries sell more goods and services.
B
So that citizens have to buy more goods and services locally.
C
So that countries can make a larger profit from their foreign neighbors.
D
To make it harder for citizens to shop.
8) Trade it the voluntary exchange of what?
A
Fruits and vegatables.
B
Goods and services.
C
Socks and shoes.
D
Money and coins.
9) What is currency?
A
Christmas decorations purchased on the internet.
B
The money people use to purchase goods and services.
C
Food from countries in the Middle East.
D
The soap a person buys from the laundry mat.
10) Why don't the countries in the European Union have tariffs?
A
The Eurpean Union does not have the currency for tariffs.
B
It is a free-trade zone.
C
The do not trade with one another.
D
All of the countries have the same goods and services.
*select an answer for all questions
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