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Preview questions
1. What is international trade?
Trade within a country · Trade between different countries · Trade in services only · Trade in agricultural products only
2. Which of the following is a benefit of international trade?
Increased prices for goods · Access to a wider variety of goods · Reduced competition · Isolation from global markets
3. What is the primary reason countries engage in international trade?
To avoid taxes · To obtain goods not available domestically · To decrease employment · To limit foreign influence
4. Which term refers to the difference in the cost of production between countries?
Comparative advantage · Absolute advantage · Trade barriers · Trade surplus
5. What is a trade surplus?
When imports exceed exports · When exports exceed imports · When trade is balanced · When there are no trade activities
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