International Trade Concepts Quiz
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Questions and Answers

What is the term that describes the concept of unrestricted trade and growing connections among industry members from different regions?

  • Globalization (correct)
  • Isolationism
  • Nationalization
  • Protectionism
  • Which of the following policies advocates for the self-sufficiency of a country and restricts trade with other nations?

  • Mercantilism (correct)
  • Free trade
  • Socialism
  • Capitalism
  • What economic principle involves the imposition of tariffs and quotas to protect domestic industries from foreign competition?

  • Mixed economy
  • Laissez-faire
  • Protectionism (correct)
  • Market economy
  • Which term describes the process of removing restrictions on international trade to promote economic growth and prosperity?

    <p>Free trade</p> Signup and view all the answers

    Tariffs and quotas are typically used in free trade to protect domestic industries from foreign competition.

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

    Free trade promotes increasing relations among industry members in different parts of the world.

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

    Protectionist policies advocate for the self-sufficiency of a country and restrict trade with other nations.

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

    The concept of free trade involves removing restrictions on international trade to promote economic growth and prosperity.

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

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