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Virtual AR- Module 13 Review
Test Description: Trade
Instructions: Answer all questions to get your test result.
1) One country has an advantage over another causing_______ to occur.
A
trading
B
wars
C
exchanges
2) ___________ countries using have a higher education.
A
Western
B
Eastern
3) _____________ is when a particular country produces items with the lowest opportunity cost.
A
Absolute Advantage
B
Comparative Advantage
4) An ______ is when one country has the ability to produce more of a product using the same amount of resources.
A
Absolute Advantage
B
Comparative Advantage
5) True or False: The first barrier to trade is the government.
A
True
B
False
6) True or False: The balance between imports and globalization is called the balance of trad
A
True
B
False
7) NAFTA represents what?
A
North American Fighting Tomorrow Agreement
B
North Atlantic Fighting Together Always
C
North American Free Trade Agreement
8) What is it when limit on the amount of a specific good that can be imported?
A
import quota
B
trade barrier
C
total amount
9) The cooperation between two or more countries that reduce trade barriers and tariffs to encourage trade between members is called?
A
NAFTA
B
international trade agreement
C
WTO
10) True or False: Globalization is governments, businesses, and people interact.
A
False
B
True
*select an answer for all questions
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