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International Economics Quiz 16 (20 MCQs)

Quiz Instructions

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1. ..... These are goods that brought into one country from another county.
2. Each month, Ima Newhere, who recently arrived in the United States, sends half her paycheck to her sister in Poland.
3. What is the WTO?
4. The local currency experience ..... if the government set the exchange rate below the market exchange rate.
5. A country has a comparative advantage in production of goods if the country is ..... endowed with ..... used ..... in the production of those goods.
6. Government payments transferred exporting companies allowing the companies to compete with other nations at the international market price without having to incur the costs associated with selling at the lower price.
7. The function that identifies the maximum combinations of two products that a nation can produce by fully utilizing all factors of production with the best technology available.
8. People traveling to another country and people who import foreign goods benefit from
9. Demand is said to control the ..... of consumer goods.
10. A(n) ..... is an example of a quota where foreigners hold quota licenses
11. The ability of a country or region to specialize in producing a good that another country can produce for the purposes of trade is best described as .....
12. In today's world, most countries impose tariffs
13. Which of the following is an advantage of division of labour?
14. Which one would not be subject to a sales tax?
15. Dan can eat either a hot dog or a hamburger. He chooses to eat the hot dog. What is his opportunity cost?
16. ..... exchange rate is not fixed by the monetary authorities.
17. Economies of scale' is also known as .....
18. The figure illustrates the international movement of capital. When there is international movement of AB of capital in both Nations, the rate of return on capital in Nation 2 is changed by .....
19. ..... examines the reasons for and the effects of restrictions on international trade.
20. A situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country or what they can produce and sell to another country.
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