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Globalization and Free Trade

Globalization and Free Trade Quiz

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Questions

Question 1 Multiple Choice (Single Answer)

What is the process of increasing interconnectedness and interdependence between countries and peoples?

  1. Globalization
  2. Localization
  3. Isolationism
  4. Protectionism
Question 2 Multiple Choice (Single Answer)

What is the theory that countries should specialize in producing goods and services in which they have a comparative advantage?

  1. Absolute Advantage
  2. Comparative Advantage
  3. Theory of Comparative Costs
  4. Law of Comparative Advantage
Question 3 Multiple Choice (Single Answer)

What is the term for the removal or reduction of trade barriers between countries?

  1. Free Trade
  2. Protectionism
  3. Tariff
  4. Quota
Question 4 Multiple Choice (Single Answer)

What is the term for a tax or duty imposed on imported goods?

  1. Tariff
  2. Quota
  3. Embargo
  4. Sanction
Question 5 Multiple Choice (Single Answer)

What is the term for a limit on the quantity of a good that can be imported or exported?

  1. Tariff
  2. Quota
  3. Embargo
  4. Sanction
Question 6 Multiple Choice (Single Answer)

What is the term for a complete ban on trade with a particular country?

  1. Tariff
  2. Quota
  3. Embargo
  4. Sanction
Question 7 Multiple Choice (Single Answer)

What is the term for a penalty imposed on a country for violating international law or agreements?

  1. Tariff
  2. Quota
  3. Embargo
  4. Sanction
Question 8 Multiple Choice (Single Answer)

What is the term for the movement of goods and services across national borders?

  1. Trade
  2. Commerce
  3. Exchange
  4. Transaction
Question 9 Multiple Choice (Single Answer)

What is the term for the value of all goods and services produced in a country in a given period of time?

  1. Gross Domestic Product (GDP)
  2. Gross National Product (GNP)
  3. National Income
  4. Per Capita Income
Question 10 Multiple Choice (Single Answer)

What is the term for the value of all goods and services produced by a country's citizens, regardless of where they are located?

  1. Gross Domestic Product (GDP)
  2. Gross National Product (GNP)
  3. National Income
  4. Per Capita Income
Question 11 Multiple Choice (Single Answer)

What is the term for the average income of a country's citizens?

  1. Gross Domestic Product (GDP)
  2. Gross National Product (GNP)
  3. National Income
  4. Per Capita Income
Question 12 Multiple Choice (Single Answer)

What is the term for the difference between a country's exports and imports?

  1. Trade Surplus
  2. Trade Deficit
  3. Balance of Trade
  4. Terms of Trade
Question 13 Multiple Choice (Single Answer)

What is the term for the ratio of a country's exports to its imports?

  1. Trade Surplus
  2. Trade Deficit
  3. Balance of Trade
  4. Terms of Trade
Question 14 Multiple Choice (Single Answer)

What is the term for the movement of people from one country to another?

  1. Migration
  2. Immigration
  3. Emigration
  4. Remittances
Question 15 Multiple Choice (Single Answer)

What is the term for the movement of people into a country?

  1. Migration
  2. Immigration
  3. Emigration
  4. Remittances
Question 16 Multiple Choice (Single Answer)

What is the term for the movement of people out of a country?

  1. Migration
  2. Immigration
  3. Emigration
  4. Remittances
Question 17 Multiple Choice (Single Answer)

What is the term for the money sent home by migrants to their families in their home country?

  1. Migration
  2. Immigration
  3. Emigration
  4. Remittances
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