International Trade for 5th Graders: Exploring Global Connections

Question 1

What are some advantages of international trade for the United States?

Accepted Answer

It offers a greater selection of products for consumers.

Accepted Answer

It lowers product prices for consumers.

Accepted Answer

It generates jobs in the transportation sector.

Answer

It decreases the need for domestic production of goods.

Question 2

What is the main benefit of international trade for the United States?

Accepted Answer

Increased economic growth and job opportunities

Answer

Reduced prices for consumers

Answer

Improved national security

Answer

Increased access to foreign cultures

Question 3

What type of good is typically traded in larger quantities and is used to make other products?

Accepted Answer

Raw materials

Answer

Consumer goods

Answer

Capital goods

Answer

Agricultural products

Question 4

Which country is the largest trading partner of the United States?

Accepted Answer

China

Answer

Canada

Answer

Mexico

Answer

Japan

Question 5

What is the purpose of a tariff?

Accepted Answer

To protect domestic industries from foreign competition

Answer

To raise money for the government

Answer

To reduce trade barriers

Answer

To promote exports

Question 6

What is the definition of international trade?

Accepted Answer

Buying and selling goods and services between countries

Answer

Moving people from one country to another

Answer

Making products in one country and selling them in others

Answer

Investing money in businesses in other countries

Question 7

How does the World Trade Organization (WTO) help countries trade more easily with each other?

Accepted Answer

By resolving trade disputes between countries

Answer

By setting tariffs on imported goods

Answer

By banning the import of certain goods

Answer

By giving money to countries that need it

Question 8

Which of these is NOT a type of barrier to international trade?

Accepted Answer

Differences in culture and language

Answer

Taxes on imported goods

Answer

Limits on how many goods can be imported

Answer

Government support for domestic businesses

Question 9

What is the term for products made in one country and sold in another?

Accepted Answer

Exports

Answer

Imports

Answer

Investments

Answer

Loans

Question 10

What is the main goal of the World Trade Organization (WTO)?

Accepted Answer

To make trade between countries easier and fairer

Answer

To stop countries from trading with each other

Answer

To help countries develop new products

Answer

To set prices for goods and services

Question 11

What is the difference between a quota and a tariff?

Accepted Answer

A quota limits the amount of goods that can be traded, while a tariff is a tax on imported goods

Answer

A tariff limits the amount of goods that can be traded, while a quota is a tax on imported goods

Answer

Quotas and tariffs are both taxes on imported goods

Answer

Quotas and tariffs are both limits on the amount of goods that can be traded

Question 12

How can international trade impact businesses in the United States?

Accepted Answer

Create new jobs

Accepted Answer

Lower prices for customers

Accepted Answer

Lead to job losses in some industries

Answer

Have no effect on US businesses

Question 13

What is the difference between a tariff and a quota?

Accepted Answer

A tariff is a tax on imported goods, while a quota limits the number of imported goods.

Answer

A quota is a tax on imported goods, while a tariff limits the number of imported goods.

Answer

Tariffs and quotas are both taxes on imported goods.

Answer

Tariffs and quotas are both limits on the number of imported goods.

Question 14

Which of the following is NOT a potential challenge associated with international trade?

Accepted Answer

Increased job opportunities

Answer

Differences in currencies

Answer

Cultural differences

Answer

Tariffs

Question 15

What is the term for a government tax on goods brought into a country from abroad?

Accepted Answer

Tariff

Answer

Embargo

Answer

Quota

Answer

Subsidy

Question 16

What is the key difference between a tariff and a quota?

Accepted Answer

A tariff is a tax on imported goods, while a quota is a limit on the quantity of imported goods.

Answer

A tariff is a limit on the quantity of imported goods, while a quota is a tax on imported goods.

Answer

Tariffs and quotas are the same thing.

Answer

Neither A nor B

Question 17

Which of these is not an advantage of international trade?

Accepted Answer

Increases pollution

Answer

Boosts economic growth

Answer

Lowers consumer costs

Answer

Promotes competition

Question 18

What is a tariff?

Accepted Answer

A tax on goods coming into a country

Answer

A payment to businesses that send goods out of a country

Answer

A rule about the safety of goods coming into a country

Answer

A limit on the number of goods coming into a country

Question 19

What's the difference between an export and an import?

Accepted Answer

Exports are sold to other countries, while imports are bought from other countries

Answer

Imports are sold to other countries, while exports are bought from other countries

Answer

Exports and imports are the same thing

Answer

Neither exports nor imports involve other countries

Question 20

Which organization helps countries trade with each other?

Accepted Answer

World Trade Organization (WTO)

Answer

United Nations (UN)

Answer

International Monetary Fund (IMF)

Answer

World Bank

Question 21

International trade can result in lower prices for which group of people?

Accepted Answer

Consumers

Answer

Producers

Answer

Businesses

Answer

Farmers

Question 22

An agreement that reduces barriers and taxes on traded goods and services between countries is known as a:

Accepted Answer

Free trade agreement

Answer

Import quota

Answer

Tariff

Answer

Embargo

Question 23

Which of these is NOT a type of service traded internationally?

Accepted Answer

Manufacturing

Answer

Tourism

Answer

Banking

Answer

Education

Question 24

A tax imposed on goods imported into a country is referred to as a:

Accepted Answer

Tariff

Answer

Subsidy

Answer

Quota

Answer

Embargo

Question 25

The World Trade Organization (WTO) plays a significant role in:

Accepted Answer

Promoting free trade and settling disputes

Answer

Providing aid to poor countries

Answer

Enforcing trade agreements

Answer

Limiting the quantity of goods traded

Question 26

Unlike a quota, which limits the quantity of imported goods, a tariff:

Accepted Answer

Imposes a tax on imported goods.

Answer

Bans the import of certain goods.

Answer

Subsidizes the export of goods.

Answer

Promotes free trade.

Question 27

What is a tariff?

Accepted Answer

A tax on imported goods

Answer

A subsidy for domestic producers

Answer

A regulation on the safety of imported goods

Answer

A ban on the import of certain goods

Question 28

Which organization promotes free trade among its member countries?

Accepted Answer

World Trade Organization (WTO)

Answer

United Nations (UN)

Answer

International Monetary Fund (IMF)

Answer

North American Free Trade Agreement (NAFTA)

Question 29

What is a free trade zone?

Accepted Answer

An area where goods can be imported and exported without tariffs or other trade barriers

Answer

A region where businesses receive special tax benefits

Answer

A country that has no import or export taxes

Answer

A zone where only certain types of goods can be traded

Question 30

Why do countries trade with each other?

Accepted Answer

To get goods and services they can't make themselves

Answer

To make more money

Answer

To help other countries

Answer

To become more powerful

Question 31

Which of these is NOT something that countries trade?

Accepted Answer

Time

Answer

Raw materials

Answer

Finished products

Answer

Ideas

Question 32

Which organization helps countries work together on trade?

Accepted Answer

The World Trade Organization

Answer

The United Nations

Answer

The International Monetary Fund

Answer

The World Bank

Question 33

What is a tariff?

Accepted Answer

A fee charged on goods coming into a country

Answer

A bonus paid to businesses that export goods

Answer

A limit on how much of a good can be imported

Answer

A type of international currency

Question 34

How are quotas different from tariffs?

Accepted Answer

Quotas limit the amount of a good that can be traded, while tariffs add a cost

Answer

Tariffs limit the amount of a good that can be traded, while quotas add a cost

Answer

Quotas and tariffs are the same thing

Answer

There is no difference between quotas and tariffs

Question 35

Which group helps control international trade?

Accepted Answer

World Trade Organization (WTO)

Answer

United Nations (UN)

Answer

World Bank (WB)

Answer

International Monetary Fund (IMF)

Question 36

What is a **disadvantage** of international trade?

Accepted Answer

Loss of jobs in some industries

Answer

More job opportunities

Answer

Lower prices for consumers

Answer

Increased economic growth

Question 37

Which of these is NOT an advantage of international trade?

Accepted Answer

Higher unemployment rates

Answer

Lower prices for consumers

Answer

Access to a wider range of goods and services

Answer

Increased economic growth

Question 38

What is a benefit of international trade?

Accepted Answer

It allows countries to get goods and services they can't make themselves.

Answer

It makes businesses compete less.

Answer

It raises prices for buyers.

Answer

It hurts the environment.

Question 39

Which of these is **not** an advantage of international trade?

Accepted Answer

It can lead to job losses in some industries.

Answer

It promotes economic growth.

Answer

It provides access to a broader range of goods and services.

Answer

It encourages the exchange of ideas between different cultures.

Question 40

What's the main reason why countries participate in international trade?

Accepted Answer

To obtain goods and services they can't make or grow themselves.

Answer

To reduce their need for natural resources.

Answer

To become more powerful than other countries.

Question 41

What's the job of the World Trade Organization (WTO) in international trade?

Accepted Answer

To make sure that trade between countries is fair and follows the rules.

Answer

To give money to countries that need help trading.

Answer

To determine how much each country can import or export.

Question 42

How can international trade affect a country's economy?

Accepted Answer

It can create jobs and make the economy grow stronger.

Answer

It always makes people in the country poorer.

Answer

It always causes prices to go up for people.

Answer

It never has a significant impact.

Question 43

What's a trade deficit?

Accepted Answer

When a country buys more from other countries than it sells to them.

Answer

When a country sells more to other countries than it buys from them.

Answer

When a country's imports and exports are equal.

Question 44

How does international trade contribute to cultural exchange?

Accepted Answer

It allows people from different countries to share their traditions and ideas.

Answer

It only benefits wealthy businesses.

Answer

It makes everyone's culture the same.

Question 45

Why is fair trade important in international trade?

Accepted Answer

It makes sure that farmers and workers in developing countries are paid a fair price for their products.

Answer

It prevents developing countries from competing in the global market.

Answer

It guarantees that consumers always get the best prices.

Question 46

What is one way international trade benefits consumers?

Accepted Answer

Lower prices

Answer

Fewer choices

Answer

More expensive products

Answer

Higher taxes

Question 47

What can be a challenge of international trade for certain industries?

Accepted Answer

Job loss

Answer

Higher wages

Answer

Increased job opportunities

Answer

More affordable products

Question 48

Which of these is a service that can be traded internationally?

Accepted Answer

Education

Answer

Farming

Answer

Construction

Answer

Manufacturing

Question 49

How can international trade help people in developing countries?

Accepted Answer

Access to new technologies and goods

Answer

Reduced access to education

Answer

Lower standards of living

Answer

Increased poverty

Question 50

Which of the following is a trade barrier?

Accepted Answer

Import tax

Answer

Government subsidy

Answer

Currency exchange rate

Answer

Free trade agreement

Question 51

How can governments promote international trade?

Accepted Answer

Negotiating trade deals

Answer

Restricting foreign businesses

Answer

Banning export of certain products

Answer

Increasing taxes on imported goods

Question 52

Which organization works to regulate international trade?

Accepted Answer

World Trade Organization (WTO)

Answer

World Bank

Answer

United Nations

Answer

International Monetary Fund