5 Written Questions

1. The law of demand states that quantity demanded moves in the opposite direction of price. Quantity of sales increase as the price decreases.
2. Taxes, surcharges, or duties on foreign products (imported goods).
3. A market structure , like that of small-scale agriculture or fishing, in which large numbers and sellers exchange homogeneous products and no single participant has a significant influence on the price.
4. The type of market structure in which a single seller dominates trade in a good or service for which buyers can find no close substitutes.
5. This imposes a total ban on importing a specified product or all trading with a particular country.

5 Matching Questions

1. Other Countries influence on Cultural Imperialism
2. Balance of Payments
3. Economics
4. Oligopoly
5. Trade Deficit

1. a The overall flow of money into or out of a country.
2. b Salsa dancing, Pokeman, Soccer, Ultra-lightweight cell phones, Import Beers, U2
3. c Occurs when imports exceed exports.
4. d Social science that analyzes the choices people and governments make in allocating scarce resources.
5. e A market situation in which relatively few sellers compete and high start-up costs form barriers to keep out new competition.

5 Multiple Choice Questions

1. These limit the amount of a products that can be imported over a specified time period. These also prevent dumping.
   1. Supply
   2. Dumping
   3. Tariffs
   4. Quotas
2. The law of supply states that the higher the price, the larger the quantity supplied. The quantities the sellers will offer for sale, regardless of demand.
   1. Dumping
   2. Demand Curve
   3. Supply Curve
   4. Supply
3. The study of small economic units such as individual consumers, families, and businesses.
   1. Macroeconomics
   2. Monopoly
   3. Economics
   4. Microeconomics
4. Selling a product abroad at a very low price.
   1. Supply
   2. Demand
   3. Dumping
   4. Embargo
5. English is commonly known as the Language of Business, but companies that are bilingual enjoy a competitive advantage
   1. Demand Curve
   2. Language and the Internet
   3. Trade Deficit
   4. Pure Competition

5 True/False Questions

1. Demand → The willingness and ability of buyers to purchase goods and services at different prices.

   True        False

2. Supply → The amount of goods and services for sale at different prices.

   True        False

3. Balance of Payment Surplus → More money into the country than out.

   True        False

4. Metric System → Taxes, surcharges, or duties on foreign products (imported goods).

   True        False

5. Exchange Rate → Another form of Administrative Trade Restriction. Imposed through central banks or government agencies to regulate the buying and selling of currency to shape foreign exchange in accordance with national policy.

   True        False