1) The process of exporting goods to another country at prices below the production costs to make them more competitive. a) DUMPING b) DOMINATE c) SALE 2) Taxes on goods which cross the border- especially on imported ones. a) LIBERALISE b) MERCHANT c) TARIFFS 3) .....is the ability to sell or buy products between countries without restrictions. a) PERK b) FAIR TRADE c) FREE TRADE 4) What is a person who sells products in large quantities called? a) DISTRIBUTOR b) MERCHANT c) TERM 5) The specific number of goods allowed to cross the border - ? a) QUOTAS b) TACTIC c) PERK 6) An institution responsible for collecting taxes on imported or exported goods. a) CUSTOMS / CUSTOMS OFFICE b) CONSIGNMENT c) DISTRIBUTOR 7) Condition in which most limits and government controls are removed from the market, so trade and competition can be free. a) REGULATIONS b) DEREGULATION c) LIBERALISE 8) Something such as an import tax or a limit on the amount of goods that can be imported that makes international trade more difficult or expensive a) FREE TRADE b) FAIR TRADE c) TRADE BARRIER 9) Industry or sector which is crucial for the country, like the energy or steel production. a) STRATEGIC INDUSTRY b) STRATEGIC MARKETING c) STRATEGIC OUTSOURCING  10) Trade is beneficial because..... a) it creates job for middlemen b) it allows each nation to specialize in doing what it does best c) it creates job for shippers 11) Trade among nations is ultimately based on..... a) political advantage b) comparative advantage c) technical advantage 12) Countries usually impose restrictions on free foreign trade to..... a) Protect foreign consumers b) Protect foreign producers c) Protect domestic producers 13) When are tariffs not placed on goods and services? a) When nations have a free trade agreement. b) When goods are imported. c) When corporations meet specific quotas. 14) A country has a comparative advantage in a product if a) the world price is lower than its domestic price b) the world price is higher than its domestic price c) the world price is lower than its domestic price 15) To support financially, especially if the help comes from the government or some official body. a) SUBSIDISE b) SUPPLIED c) SMUGGLE 16) Which of the following is NOT a benefit of trade? a) an increased variety of goods b) increased competition c) an ability to control domestic and world prices

TRADE

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