Trade, Markets, and Money Quiz

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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?

1950s onward Signup and view all the answers

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

Yes, due to the oil crisis of the 1970s Signup and view all the answers

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

Division of labor Signup and view all the answers

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

Multilateral trade Signup and view all the answers

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

Market Signup and view all the answers

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

Letters of credit and paper money Signup and view all the answers

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

To benefit from comparative advantage Signup and view all the answers

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?

During which period did trade openness substantially increase from 1815 until the outbreak of World War I?

What is the main characteristic of wholesale trade?

When did trade openness increase substantially again after the collapse during the Great Depression?

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

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

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

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

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

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

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