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Marketing I - Chapter 4 Review 1
Test Description: Chapter 4-Review 1
Instructions: Answer all questions to get your test result.
1) Exchange of goods and services among nations.
A
Absolute Advantage
B
International Trade
C
Exports
D
Infrastructure
2) Goods and services purchased from other countries.
A
Imports
B
Exports
C
Selling
D
Balance of Trade
3) Goods and services sold to other countries
A
Absolute Advantage
B
Trade Deficit
C
Exports
D
Imports
4) Occurs when a country has economic resources that allow it to produce a product at a lower unit cost than any other country.
A
Comparative Advantage
B
Absolute Advantage
C
Trade Deficit
D
Tarrifs
5) When a country has an absolute advantage in more than one product.
A
Comparative Advantage
B
Protectionism
C
Absolute Advantage
D
Trade Surplus
6) Who benefits from international trade?
A
Producers
B
All of the above
C
Nations
D
Consumers and Workers
7) Difference in value between exports and imports
A
International Trade
B
Trade Deficit
C
Balance of Trade
D
Trade Surplus
8) Imports > Exports
A
Trade Barrier
B
Trade Surplus
C
Trade Deficit
D
Protectionism
9) Exports > Imports
A
Quota
B
Trade Surplus
C
Trade Deficit
D
Free Trade
10) The following are trade barriers except:
A
Tarrifs
B
Free Trade
C
Quotas
D
Embargoes
*select an answer for all questions
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