Global Economy and Trade Concepts Quiz
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Questions and Answers

What is the definition of a tariff?

  • The total market value of all goods and services produced by workers and capital within a nation during a given period
  • A tax on imports or exports of goods between countries (correct)
  • A restriction on goods entering or leaving a country
  • The selling and shipping of goods to other countries
  • What does GDP stand for?

  • General Development Protocol
  • Gross Domestic Product (correct)
  • Goods Distribution Plan
  • Global Domestic Product
  • Which term refers to the trade of goods and services, capital, knowledge, and technology across borders on a global scale?

  • SITC
  • IBEX (correct)
  • Export management company
  • Interpreter
  • What is the role of a freight forwarder?

    <p>Arranges shipments and prepares necessary exporting paperwork</p> Signup and view all the answers

    What is a common misconception regarding disposable income?

    <p>It is the money people have to spend after paying for necessary expenses</p> Signup and view all the answers

    What does SITC stand for?

    <p>Systematic International Trade Classification</p> Signup and view all the answers

    Exporting refers to buying goods from other countries to sell.

    <p>False</p> Signup and view all the answers

    A trade barrier is a restriction on goods entering but not leaving a country.

    <p>False</p> Signup and view all the answers

    Tariff is a tax on imports but not on exports.

    <p>False</p> Signup and view all the answers

    GDP stands for the total market value of all goods and services produced by workers and capital within a nation during a given period.

    <p>True</p> Signup and view all the answers

    An interpreter is someone who arranges shipments and prepares necessary exporting paperwork.

    <p>False</p> Signup and view all the answers

    Disposable income is the money people have to spend after paying for all their expenses.

    <p>True</p> Signup and view all the answers

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