ETT Ch. 18
Quiz by Karen Ware
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- Q1
NAFTA has
increased Mexico's exports to the United States.
had very little effect on Mexico's exports to the United States.
decreased Mexico's exports to the United States.
increased the price of Mexican exports to the United States.
30s - Q2
The International Monetary Fund
provides loans to developing countries.
regulates foreign trade.
fixes foreign exchange rates.
sets tariffs on imports.
30s - Q3
The ability of one country to produce a product at a lower opportunity cost than another country is known as
import advantage.
export advantage.
comparative advantage.
absolute advantage.
30s - Q4
What is the purpose of a protective tariff?
to restrict the number of a particular good that is allowed to come into the country
to raise government revenue without restricting imports
to protest another nation’s political actions
to raise the cost of imported goods and give domestic producers an advantage
30s - Q5
The ability of one country, using the same quantity of resources as another country, to produce a specific product at a lower cost is known as
import advantage.
comparative advantage.
export advantage.
absolute advantage.
30s - Q6
Flexible exchange rates are determined by
the Federal Reserve.
the International Monetary Fund.
national governments.
supply and demand.
30s - Q7
Depreciation of the Japanese yen would make Japanese products sold in the United States
less expensive.
scarce.
abundant
more expensive.
30s - Q8
A tariff is a
tax on exports.
quota on exports.
quota on imports.
tax on imports.
30s - Q9
Since 1971 foreign exchange rates in the United States have been
unfavorable.
favorable.
fixed.
flexible.
30s - Q10
fall in the price of a currency through the action of supply and demand
fixed rate of exchange
specialization
depreciation
devaluation
30s - Q11
idea that a nation should produce and export a limited number of goods for which it is particularly suited
depreciation
specialization
absolute advantage
flexible exchange rate
30s - Q12
when forces of supply and demand are allowed to set the price of various currencies
flexible exchange rate
fixed rate of exchange
absolute advantage
revenue tariff
30s - Q13
markets that buy and sell foreign currency for businesses that want to import goods from other countries
fixed rate of exchange
absolute advantage
flexible exchange rate
foreign exchange markets
30s - Q14
tax placed on an imported product
Users enter free textType an Answer30s - Q15
ability of a country to produce more output per unit of input than can another country
absolute advantage
comparative advantage
30s