Trade, Markets, and Money Quiz
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Questions and Answers

What type of trade involves the sale of goods in small or individual lots for direct consumption?

  • Spice trade
  • Grain trade
  • Wholesale trade
  • Retail trade (correct)
  • During which period did trade openness substantially increase from 1815 until the outbreak of World War I?

  • Oil crisis of the 1970s
  • 1920s
  • 1950s onward
  • Great Depression of the 1930s (correct)
  • What is the main characteristic of wholesale trade?

  • Selling goods to retailers or other business users (correct)
  • Sale of goods in small quantities
  • Selling goods online or by mail
  • Involvement in spice and grain trading
  • When did trade openness increase substantially again after the collapse during the Great Depression?

    <p>1950s onward</p> Signup and view all the answers

    According to economists and economic historians, are current levels of trade openness the highest they have ever been?

    <p>Yes, due to the oil crisis of the 1970s</p> Signup and view all the answers

    What is the main factor that enables trade according to the text?

    <p>Division of labor</p> Signup and view all the answers

    Which type of trade involves more than two traders according to the text?

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

    What did economists refer to as a system or network that allows trade?

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

    What has greatly simplified and promoted trade according to the text?

    <p>Letters of credit and paper money</p> Signup and view all the answers

    Why do different regions engage in trade according to the text?

    <p>To benefit from comparative advantage</p> Signup and view all the answers

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