Common Terms Of Trade! Basic Trivia Test

5 Questions | Total Attempts: 256

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Common Terms Of Trade! Basic Trivia Test - Quiz

Welcome to the trivia quiz on some of the common terms of trade. It is designed to help you review what you learned about foreign trade and how to ensure that your imports don’t always exceed your exports. Remember all the terms we learned? Take up this test and see if you can tell the meaning of the words in question.


Questions and Answers
  • 1. 
    Exports:
    • A. 

      The goods a country produces to sell to other countries.

    • B. 

      The goods a country receives from another countries.

    • C. 

      None of the above.

  • 2. 
    Imports:
    • A. 

      The goods a country receives from another countries.

    • B. 

      The goods a country produces to sell to other countries.

    • C. 

      None of the above.

  • 3. 
    Absolute advantage:
    • A. 

      When a country can produce a product more efficiently than another.

    • B. 

      When a country can produce a product with lest opportunity cost than another.

    • C. 

      None of the above.

  • 4. 
    Comparative advantage:
    • A. 

      When a country can produce a product with lest opportunity cost than another.

    • B. 

      When a country can produce a product more efficiently than another.

    • C. 

      None of the above.

  • 5. 
    What is the key to trade?
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