Common Terms Of Trade! Basic Trivia Test

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Giftedecon2010
G
Giftedecon2010
Community Contributor
Quizzes Created: 2 | Total Attempts: 570
| Attempts: 479
SettingsSettings
Please wait...
  • 1/5 Questions

    Exports:

    • The goods a country produces to sell to other countries.
    • The goods a country receives from another countries.
    • None of the above.
Please wait...
About This 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.

Common Terms Of Trade! Basic Trivia Test - Quiz

Quiz Preview

  • 2. 

    Imports:

    • The goods a country receives from another countries.

    • The goods a country produces to sell to other countries.

    • None of the above.

    Correct Answer
    A. The goods a country receives from another countries.
    Explanation
    The correct answer is "The goods a country receives from another countries." This is because imports refer to the goods or services that a country purchases from other countries. It includes products that are brought in from abroad to meet domestic demand or to be used for further production.

    Rate this question:

  • 3. 

    Comparative advantage:

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

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

    • None of the above.

    Correct Answer
    A. When a country can produce a product with lest opportunity cost than another.
    Explanation
    Comparative advantage refers to a situation where a country can produce a product with less opportunity cost than another country. This means that the country can produce the product at a lower cost in terms of the alternative goods or services that could have been produced instead. By specializing in the production of goods or services with lower opportunity cost, countries can trade with each other and benefit from the differences in their production efficiencies, leading to overall economic gains.

    Rate this question:

  • 4. 

    Absolute advantage:

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

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

    • None of the above.

    Correct Answer
    A. When a country can produce a product more efficiently than another.
    Explanation
    The correct answer is "When a country can produce a product more efficiently than another." This explanation is based on the concept of absolute advantage, which refers to a country's ability to produce a product using fewer resources or at a lower cost compared to another country. It implies that the country has a competitive edge in terms of production efficiency, allowing it to produce more output with the same amount of resources or produce the same output with fewer resources.

    Rate this question:

  • 5. 

    What is the key to trade?

    Correct Answer
    specialization
    Explanation
    Specialization.

    Rate this question:

Quiz Review Timeline (Updated): Mar 20, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 28, 2010
    Quiz Created by
    Giftedecon2010
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.