5 Questions
Which of the following best describes international trade?
The exchange of goods and services between different countries
What are some reasons for international trade?
To meet the demand for new products that cannot be supplied domestically
How does international trade affect the balance of trade?
It may produce a favorable result for some countries and an unfavorable result for others
What is one factor that influences differences in production costs?
Economic policies
What happens when trade barriers and restrictions are removed?
More products are moved
Test your knowledge on international trade and its definition with this quiz. Learn about the exchange of goods and services between different countries, and how it can impact the balance of trade.
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