Trade and the economy

Questions

1. Which of these is a service rather than a good?

   • A bicycle
   • A haircut
   • A loaf of bread
   • A pair of shoes
   Show answer

   A haircut

2. What do we call things people make or grow to sell, such as cars or apples?

   • Goods
   • Services
   • Taxes
   • Wages
   Show answer

   Goods

3. A teacher provides a service. (True or false?)

   Show answer

   True

4. What is an import?

   • A product bought from another country
   • A product made at home only
   • A product sold to another country
   • A tax on shops
   Show answer

   A product bought from another country

5. A country sells coffee to other countries. For that country, coffee is a(n)...

   • export
   • import
   • loan
   • tax
   Show answer

   export

6. What is the name for a tax charged on goods entering a country? (Answer out loud)

   Show answer

   A tariff (or customs duty)

7. A country exports more than it imports. What is this difference called?

   • A tariff
   • A trade deficit
   • A trade surplus
   • Inflation
   Show answer

   A trade surplus

8. Which job is in the primary sector, taking resources from nature?

   • Bank clerk
   • Factory worker
   • Farmer
   • Nurse
   Show answer

   Farmer

9. Which job belongs to the secondary sector, making goods from raw materials?

   • Car factory worker
   • Dentist
   • Fisher
   • Waiter
   Show answer

   Car factory worker

10. What is the money a person earns from their job called? (Answer out loud)

    Show answer

    Wages (or salary or income)

11. What do banks usually pay you for keeping your savings with them?

    • A fine
    • A tariff
    • Interest
    • Rent
    Show answer

    Interest

12. Before money existed, people exchanged goods directly. This is called barter. (True or false?)

    Show answer

    True

13. What is it called when prices in general rise over time?

    • Barter
    • Exporting
    • Inflation
    • Saving
    Show answer

    Inflation

14. When you take out a loan from a bank, you usually pay back only the exact amount borrowed. (True or false?)

    Show answer

    False

15. What is the term for the price of one currency in another currency? (Answer out loud)

    Show answer

    The exchange rate

16. What is the main job of a central bank in a country?

    • Growing food for export
    • Managing the money supply and interest rates
    • Running local shops
    • Selling goods to tourists
    Show answer

    Managing the money supply and interest rates

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