Trade - SS3 Geography Past Questions and Answers - page 1
What is the primary purpose of trade?
Promoting cultural exchange
Maximizing domestic production
Specialization and resource optimization
Reducing the variety of available products
Which type of trade involves the exchange of goods and services within a single country?
Import trade
National trade
International trade
Wholesale trade
In international trade, what happens when a country exports more than it imports?
Trade deficit
Balance of trade
Trade surplus
Trade equilibrium
What role does trade play in job creation?
It hinders job growth
It has no impact on job creation
It supports job creation in various sectors
It only creates jobs in the manufacturing sector
Which of the following is not a reason for trade?
Specialization
Resource disparities
Self-sufficiency
Economies of scale
How does trade promote cultural exchange?
By reducing economic growth
By isolating countries from each other
By encouraging people to interact with different cultures
By imposing trade barriers
What is the economic impact of trade on consumers?
It reduces access to products
It increases the cost of goods
It lowers living standards
It provides access to a wider range of affordable products
Which type of trade can lead to the exchange of technologies and know-how?
Import trade
Inter-industry trade
Intra-industry trade
International trade
How does trade diversify the sources of goods?
By reducing imports
By promoting self-sufficiency
By encouraging dependence on a single source
By sourcing products from multiple regions
In international trade, what is the term for the difference between a country's exports and imports?
Trade equilibrium
Trade imbalance
Balance of trade
Trade offset