International Trade

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Questions and Answers

Which of the following is the BEST example of international trade?

A company selling its products to consumers within the same country.
A local farmer selling produce at a farmer's market in their town.
Two individuals bartering goods directly with each other in a small village.
Japan exporting electronics and importing oil from the Middle East. (correct)

How did the opening of new maritime routes during the Age of Discovery MOST significantly impact global trade?

It decreased the overall volume of trade due to longer travel times.
It shifted the dominant trade routes away from land-based routes like the Silk Road. (correct)
It had a limited impact as the routes were primarily for exploration, not trade.
It led to the immediate standardization of trade regulations across all nations.

Which of the following BEST describes the role of organizations like the WTO and EU in modern global trade?

They hinder global commerce by imposing strict tariffs on all goods.
They facilitate global commerce through agreements and regulations. (correct)
They primarily serve to create trade wars between member nations.
They have no real impact on global trade as commerce is driven by individual companies.

Which of the following is the BEST example of 'free trade'?

Trade between countries with unrestricted trade and no tariffs. (C) Signup and view all the answers

How can trade lead to environmental issues?

Through increased transportation and resource consumption. (B) Signup and view all the answers

Which of the following is the MOST direct example of a barrier to trade?

The imposition of tariffs on imported goods. (D) Signup and view all the answers

What is a key strategic advantage that Thailand offers to foreign investors?

A central location, skilled workforce, and government incentives. (C) Signup and view all the answers

How does Thailand's culture and lifestyle support a vibrant business environment?

Through modern infrastructure and a rich cultural heritage. (A) Signup and view all the answers

What does Thailand's support of regional aid through disaster relief and development projects demonstrate?

A commitment to humanitarian efforts and international cooperation. (D) Signup and view all the answers

International aid is MOSTLY used to?

Address emergencies and promote development in recipient countries. (C) Signup and view all the answers

Which of these options is the MOST accurate definition of international trade barriers?

Circumstances that prevent or impede trade between countries. (B) Signup and view all the answers

Beyond direct emergency assistance and economic investment, what other form does international aid commonly take?

Medical assistance, such as sending medical supplies and personnel (D) Signup and view all the answers

The Silk Road played a major role in trade history. What regions did it connect?

Asia, Europe, and Africa (A) Signup and view all the answers

In the context of trade, what do tariffs, quotas, and trade wars have in common?

They serve as barriers that can hinder international commerce. (D) Signup and view all the answers

Which business aspects make Thailand a favorable country for investment?

Its strategic location, skilled workforce and government incentives (B) Signup and view all the answers

Aside from disaster relief, what type of project is supported under international aid?

Long-term development projects, like creating sustainable housing (B) Signup and view all the answers

Aside from economic advantages, in what other ways does international trade have an impact?

It facilitates cultural exchange for mutual understanding and exposure. (B) Signup and view all the answers

Which situation exemplifies the MOST immediate need for international aid?

A country experiencing a severe drought leading to famine. (D) Signup and view all the answers

If a country subsidizes local businesses so they may export goods more cheaply, what effect would it MOST likely cause?

Reduced competitiveness of similar industries in other countries. (D) Signup and view all the answers

How did the Spice Trade MOST notably shape economies historically?

By influencing trade routes and economic power dynamics. (B) Signup and view all the answers

Flashcards

What is trade?

Exchanging goods, services, or resources between individuals or nations.

History of Trade

The Silk Road connected Asia, Europe, and Africa; the Spice Trade shaped economies; European explorers opened new maritime routes.