SEVI Test Questions and Answers
Latest Versions 2026 +
what is importing
buying products from over seas and bringing into ones own country
what is exporting
selling domestic products to customers in other countries
in the united states international trade now accounts for over how
much of gross domestic product (GDP)
25% or 1/4
international trade is based on what two fundamental economic
principles
absolute and comparative advantage
what is balance of trade
when a country can have a negative or positive balance of trade
what is a trade surplus
when a country exports more than it imports
what is a trade deficit
when a country imports more than it exports
what is a balance of payments
all of the financial flows into and out of a country. it includes exports
imports purchases of real estate aid to foreign countries.
, is balance of trade broader than balance of payments
no BOP is broader
what is protectionism
a set of government policies intended to protect domestic industries
from foriegn competition
what is a tariff
a tax paid on imported goods. tarrifs increase prices to consumers and
reduce consumer choices
when a country imposes a tarif on goods from another country what
might that country do
retaliate by imposing tariffs of its own resulting in a trade war.
what is an import quota
a limit on the quantity of a specific product that can be imported into a
country
what does an absolute qouta do
it sets a maximum amount
what is a tariff qouta
a 2 tiered system in which a specific quantity of a good can be imported
at a lower tariff rate
embargo=?
a ban
what is a trade embargo
a ban on the import of goods from a specific country
Latest Versions 2026 +
what is importing
buying products from over seas and bringing into ones own country
what is exporting
selling domestic products to customers in other countries
in the united states international trade now accounts for over how
much of gross domestic product (GDP)
25% or 1/4
international trade is based on what two fundamental economic
principles
absolute and comparative advantage
what is balance of trade
when a country can have a negative or positive balance of trade
what is a trade surplus
when a country exports more than it imports
what is a trade deficit
when a country imports more than it exports
what is a balance of payments
all of the financial flows into and out of a country. it includes exports
imports purchases of real estate aid to foreign countries.
, is balance of trade broader than balance of payments
no BOP is broader
what is protectionism
a set of government policies intended to protect domestic industries
from foriegn competition
what is a tariff
a tax paid on imported goods. tarrifs increase prices to consumers and
reduce consumer choices
when a country imposes a tarif on goods from another country what
might that country do
retaliate by imposing tariffs of its own resulting in a trade war.
what is an import quota
a limit on the quantity of a specific product that can be imported into a
country
what does an absolute qouta do
it sets a maximum amount
what is a tariff qouta
a 2 tiered system in which a specific quantity of a good can be imported
at a lower tariff rate
embargo=?
a ban
what is a trade embargo
a ban on the import of goods from a specific country
