Trade in Geography: Learn about Trading and Its Impact

Question 1

Which of these is NOT a type of trade?

Accepted Answer

Renting

Answer

Import

Answer

Export

Answer

Bartering

Question 2

When a nation sells goods or services to another nation, what is it called?

Accepted Answer

Export

Answer

Import

Answer

Balance of trade

Answer

Foreign direct investment

Question 3

What does free trade mean in terms of economic policy?

Accepted Answer

Removing barriers to trade between countries

Answer

Protecting domestic industries from foreign competition

Answer

Restricting the flow of goods and services across borders

Answer

Requiring countries to only trade with each other

Question 4

Which organization promotes free trade among its member countries?

Accepted Answer

World Trade Organization (WTO)

Answer

United Nations (UN)

Answer

European Union (EU)

Answer

North Atlantic Treaty Organization (NATO)

Question 5

Which of these products is likely to be exported from the United Kingdom?

Accepted Answer

Cars

Answer

Oil

Answer

Bananas

Answer

Coffee

Question 6

What does 'balance of trade' refer to?

Accepted Answer

The difference between a country's imports and exports

Answer

The value of a country's exports only

Answer

The value of a country's imports only

Answer

The total value of a country's trade

Question 7

What is the primary distinction between import and export?

Accepted Answer

Import involves purchasing goods from other nations, while export entails selling goods to them

Answer

Import involves selling goods to other nations, while export involves purchasing goods from them

Answer

Import and export are identical

Answer

None of the aforementioned

Question 8

What type of trade occurs when goods are directly exchanged between two nations without involving a third party?

Accepted Answer

Bilateral trade

Answer

Multilateral trade

Answer

Free trade

Answer

Fair trade

Question 9

What is the purpose of tariffs in international trade?

Accepted Answer

To safeguard domestic enterprises from international competition

Answer

To boost government revenue

Answer

To cut the cost of imported products

Answer

To promote unfettered commerce

Question 10

What constitutes a trade surplus?

Accepted Answer

When a nation exports more goods and services than it imports

Answer

When a nation imports more products and services than it exports

Answer

When a nation's exports and imports are equivalent

Answer

None of the aforementioned

Question 11

Which type of trade happens between countries?

Accepted Answer

International trade

Answer

Domestic trade

Answer

Local trade

Answer

Regional trade

Question 12

What is a tariff?

Accepted Answer

A tax on goods brought into a country

Answer

A payment to businesses that export goods

Answer

A limit on the number of goods that can be imported

Answer

A ban on certain goods

Question 13

What is the main difference between a two-country trade deal and a many-country trade deal?

Accepted Answer

Two-country deals involve only two countries, while many-country deals involve more than two countries

Answer

Two-country deals are more legally binding than many-country deals

Answer

Two-country deals are more common than many-country deals

Answer

There is no difference between two-country and many-country trade deals

Question 14

Which of these is NOT a benefit of countries trading with each other?

Accepted Answer

Countries becoming more isolated

Answer

Increased economic growth

Answer

Lower prices

Answer

Improved standard of living

Question 15

What is the primary reason why countries trade with each other?

Accepted Answer

To improve their economies

Answer

To become more powerful

Answer

To gain more land

Answer

To make friends

Question 16

What is the name of the group of countries that work together to promote free trade?

Accepted Answer

World Trade Organization

Answer

World Bank

Answer

International Monetary Fund

Answer

United Nations

Question 17

What is the term for sending goods from one country to another?

Accepted Answer

Exporting

Answer

Importing

Answer

Trading

Answer

Manufacturing

Question 18

What is the name of the agreement that created a single market for goods, services, capital, and labour within the European Union?

Accepted Answer

Single European Market

Answer

Schengen Agreement

Answer

Lisbon Treaty

Answer

Eurozone

Question 19

Why do countries mostly engage in trade with one another?

Accepted Answer

To acquire goods and services they cannot make at home

Answer

To increase their wealth

Answer

To reduce joblessness

Answer

To strengthen bonds between nations

Question 20

Which of these is an example of a primary industry?

Accepted Answer

Growing crops

Answer

Making cars

Answer

Offering legal advice

Answer

Selling clothes

Question 21

What word describes the exchange of products and services across borders?

Accepted Answer

Trade

Answer

Commerce

Answer

Import

Answer

Export

Question 22

Which body helps regulate international trade?

Accepted Answer

World Trade Organization

Answer

International Monetary Fund

Answer

United Nations

Answer

European Union

Question 23

Which of these is NOT a benefit of trade?

Accepted Answer

Increased pollution

Answer

Economic growth

Answer

Lower prices

Answer

Increased job opportunities

Question 24

What is the term for the exchange of goods and services between two countries?

Accepted Answer

International trade

Answer

Import

Answer

Export

Answer

Domestic trade

Question 25

Which of these is an example of a primary product?

Accepted Answer

Wheat

Answer

Manufactured goods

Answer

Computers

Answer

Services

Question 26

What is the term for a tax on imported goods?

Accepted Answer

Tariff

Answer

Subsidy

Answer

Quota

Answer

Embargo

Question 27

Which of these is NOT a type of trade agreement?

Accepted Answer

Economic policy

Answer

Free trade agreement

Answer

Customs union

Answer

Common market

Question 28

Which of these actions involves moving products from one place to another?

Accepted Answer

Importing

Answer

Farming

Answer

Playing football

Question 29

Which of these is NOT a benefit of trade?

Accepted Answer

Less variety of goods and services

Answer

Faster economic growth

Answer

Lower prices for goods and services

Answer

Access to a wider range of products

Question 30

What do we call products that other countries send to us?

Accepted Answer

Imports

Answer

Exports

Answer

Transactions

Answer

Services

Question 31

What do we call the total worth of everything produced in a country yearly?

Accepted Answer

GDP

Answer

CPI

Answer

RPI

Answer

Balance of payments

Question 32

Which of these is NOT a benefit of trade?

Accepted Answer

Less competition

Answer

Lower prices

Answer

More jobs

Answer

Wider choice

Question 33

How are a tariff and a quota different?

Accepted Answer

A tariff is a tax on imports, while a quota limits the amount that can be imported.

Answer

A tariff limits the amount that can be exported, while a quota is a tax on exports.

Answer

A tariff is a tax on both imports and exports, while a quota limits both imports and exports.

Answer

A tariff and a quota are the same thing.

Question 34

What is the aim of a free trade area?

Accepted Answer

To remove trade barriers between member countries

Answer

To create a single currency for member countries

Answer

To provide military protection for member countries

Answer

To promote cultural exchange between member countries

Question 35

Which of the following is a potential benefit of trade?

Accepted Answer

Lower prices for consumers

Answer

Increased unemployment

Answer

Loss of cultural identity

Answer

Environmental degradation

Question 36

What is the key distinction between a tariff and a quota?

Accepted Answer

A tariff is a tax on imports, whereas a quota is a limit on the amount of imports.

Answer

A tariff is a tax on exports, whereas a quota is a subsidy for imports.

Answer

A tariff is a limit on the amount of exports, whereas a quota is a tax on imports.

Question 37

What is the main advantage of free trade?

Accepted Answer

It facilitates the most efficient allocation of resources.

Answer

It lowers the cost of living for consumers.

Answer

It shields domestic industries from foreign competition.

Question 38

Which of the following is an example of a trade bloc?

Accepted Answer

European Union

Answer

North Atlantic Treaty Organization (NATO)

Answer

United Nations (UN)

Answer

World Bank

Question 39

A farmer grows apples in England and sells them to a shop in France. This is an example of:

Accepted Answer

International Trade

Answer

Retail Trade

Answer

Local Trade

Answer

Domestic Trade

Question 40

Which of these is NOT a benefit of international trade for a country?

Accepted Answer

Increased unemployment due to competition from foreign businesses.

Answer

Lower prices due to increased competition.

Answer

Access to a wider variety of goods and services.

Question 41

A country that exports more goods than it imports has a:

Accepted Answer

Trade surplus

Answer

Balanced trade

Answer

Trade deficit

Answer

Free trade

Question 42

Which of these is an example of a trade barrier?

Accepted Answer

Import tariffs

Answer

Free trade agreements

Answer

Currency exchange

Answer

Globalisation

Question 43

The process of exchanging goods and services without using money is called:

Accepted Answer

Barter

Answer

Exporting

Answer

Importing

Answer

Trading

Question 44

A group of countries that agree to reduce or eliminate trade barriers between them is called a:

Accepted Answer

Trading bloc

Answer

Trade union

Answer

Free trade zone

Question 45

Imagine you live in a small village that grows a lot of coffee beans. You want to sell your coffee beans to people in other countries. This is an example of:

Accepted Answer

Exporting

Answer

Bartering

Answer

Importing

Answer

Trading

Question 46

If a country imports more goods than it exports, it has a:

Accepted Answer

Trade deficit

Answer

Balanced trade

Answer

Trade surplus

Question 47

Which of these is an example of a fair trade product?

Accepted Answer

Chocolate that is produced with fair wages and good working conditions for farmers.

Answer

Clothes that are made in a factory where workers are paid very little.

Answer

A car that is produced in a factory with low environmental standards.

Question 48

Which of these is a reason why countries might specialize in producing certain goods or services?

Accepted Answer

They have the resources and skills to produce them efficiently.

Answer

They want to prevent other countries from trading with them.

Answer

They want to keep their prices low.