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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
Exports
B
Infrastructure
C
International Trade
D
Absolute Advantage
2) Goods and services purchased from other countries.
A
Imports
B
Balance of Trade
C
Selling
D
Exports
3) Goods and services sold to other countries
A
Absolute Advantage
B
Imports
C
Trade Deficit
D
Exports
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
Tarrifs
B
Absolute Advantage
C
Comparative Advantage
D
Trade Deficit
5) When a country has an absolute advantage in more than one product.
A
Absolute Advantage
B
Trade Surplus
C
Protectionism
D
Comparative Advantage
6) Who benefits from international trade?
A
Nations
B
Producers
C
Consumers and Workers
D
All of the above
7) Difference in value between exports and imports
A
Trade Surplus
B
Balance of Trade
C
Trade Deficit
D
International Trade
8) Imports > Exports
A
Trade Deficit
B
Trade Barrier
C
Protectionism
D
Trade Surplus
9) Exports > Imports
A
Trade Surplus
B
Free Trade
C
Quota
D
Trade Deficit
10) The following are trade barriers except:
A
Embargoes
B
Tarrifs
C
Quotas
D
Free Trade
*select an answer for all questions
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