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International Economics Quiz 1 (20 MCQs)

Quiz Instructions

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1. International economics deals with:
2. Foreign trade may adversely affect the consumption habits of a country through the importation of cheaply manufactured and harmful commodities.
3. The World Bank is an international organization to help:
4. A benefit, profit, or value of something that must be given up to acquire or achieve something else.
5. What is ASEAN?
6. World Trade Organisation came into force on .....
7. An agreement to reduce tariffs between the United States, Mexico, and Canada is known as
8. What is the term for the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations?
9. This is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
10. Which of the following is NOT a priority for developing countries?
11. Assume the United States buys $ 5 million worth of video games from Japan. At the same time, Japan buys $ 2 million worth of wheat from the United States. If these were the only two transactions between these countries, which is true of the United States' balance of trade?
12. An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management is a .....
13. Comparative advantage is determined by:
14. What occurs when IMPORTS are greater than EXPORTS?
15. People worldwide increasingly share similar preferences.
16. Promotes free trade within 10 Southeast Asian countries.
17. Technological improvements are similar to international trade since they both
18. If Japan and the United States can both produce cars, but Japan can produce cars of a higher quality at a faster rate, then it is said to have an ..... in the auto industry
19. Carterville imported $ 10 billion in goods and services and exported $ 9 billion in goods and services. Which of the following does Carterville have?
20. International trade in goods and services tends to
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