This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 100 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 100 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. They are used for shipping of dry materials A) Flat rack. B) Dry storage. C) Open top. D) Open side. Show Answer Correct Answer: B) Dry storage. 2. A business that sells goods or services directly to the public. A) Retail. B) Retail. C) Retalle. D) Retell. Show Answer Correct Answer: A) Retail. 3. Which of the following is a characteristic of a trading bloc? A) It eliminates all trade barriers within member countries. B) It restricts trade with non-member countries. C) It allows member countries to set their own trade policies independently. D) It has no impact on international trade. Show Answer Correct Answer: A) It eliminates all trade barriers within member countries. 4. With an exchange rate of 5 Egyptian pounds (EGP) = 1 US dollar ($ ), an American product sells in Egypt for EGP 100. Assuming that the dollar price remains unchanged, what will be the price of the product in Egypt if the Egyptian pound appreciates to 4 EGP = 1 US$ ? A EGP 75 B EGP 80 C EGP 120 D EGP 125 A) A. B) B. C) C. D) D. Show Answer Correct Answer: B) B. 5. A government prohibits the import of an item A) Quota. B) Embargo. C) Tariff. D) Restriction. Show Answer Correct Answer: B) Embargo. 6. Which of the following is not a characteristic of an LDC (Less Developed Country)? A) Lack of free market policies. B) No capital (stock markets). C) Government corruption. D) Improper domestic economic policies. Show Answer Correct Answer: B) No capital (stock markets). 7. Prof. Dr. Andreas Stoffers from International University of Applied Sciences Munich moves to Vietnam for 3 months to teach the International Business module in UEB. This is an example of ..... A) Mode I:Cross-border supply. B) Mode II:Consumption abroad. C) Mode III:Commercial presence. D) Mode IV:Natural persons presence. Show Answer Correct Answer: D) Mode IV:Natural persons presence. 8. What is the acronym of IMF? A) INTERNATIONAL MONEY FUND. B) INTERNATIONAL TRADE. C) INTERNATIONAL MONETARY FUND. D) INDUSTRIAL MONETARY FUND. Show Answer Correct Answer: C) INTERNATIONAL MONETARY FUND. 9. In an ..... there are many buyers but only a few sellers. Oil companies, grocery stores, cellphone companies, and tire manufacturers A) Perfect competition. B) Imperfect competition. C) Monopolies. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. 10. Which treaty replaced the NAFTA and came into force on July 1, 2020? A) United States-Mexico-Canada Free Trade Agreement. B) Mexico-Colombia Free Trade Agreement. C) Mexico-EU Economic Partnership and Political Cooperation Agreement. D) Japan-Mexico Free Trade Agreement. Show Answer Correct Answer: A) United States-Mexico-Canada Free Trade Agreement. 11. Imported goods become expensive so that similar goods produced domestically will be competitive A) Quota policy. B) Tariff policy. C) Subsidy policy. D) Import prohibition policy. Show Answer Correct Answer: B) Tariff policy. 12. How many factors of production are involved in an economy whereby the production possibility frontier is simply a straight line? A) Three. B) Four. C) Two. D) One. Show Answer Correct Answer: D) One. 13. What are the key macroeconomic variables that describe an interaction in world markets? A) Exports, imports, trade balance, and exchange rates. B) Gross domestic product, inflation rate, interest rates, and government spending. C) Unemployment rate, consumer price index, stock market index, and fiscal deficit. D) Population growth rate, literacy rate, life expectancy, and poverty rate. Show Answer Correct Answer: A) Exports, imports, trade balance, and exchange rates. 14. FTA, common Markets, Economic Union and Customs Union are types of trading blocs A) True. B) False. Show Answer Correct Answer: A) True. 15. A persistent trade imbalance tends to ..... a country's dollar. A) Increase. B) Reduce. C) Raise. D) Devalue. Show Answer Correct Answer: D) Devalue. 16. A North American agreement formed to promote trade between Canada, the United States, and Mexico. Just renamed recently. A) World Trade Organization. B) United Nations. C) World Bank. D) NAFTA-USMCA. Show Answer Correct Answer: D) NAFTA-USMCA. 17. What does OPEC stand for? A) Organization of Petroleum Exporting Countries. B) Oil of Political Economic Countries. C) Organization of People Economic Communitities. D) Oil People Economically Consume. Show Answer Correct Answer: A) Organization of Petroleum Exporting Countries. 18. How can you find out what a country specializes in? A) Look at what a country is exporting. B) Look at what a country is importing. C) Look at what consumers are purchasing. D) Look at what larger companies are investing in. Show Answer Correct Answer: A) Look at what a country is exporting. 19. C:ClothF:FoodIf PC/PF were to increase in the international marketplace, then ..... A) All countries would be better off. B) The terms of trade of cloth exporters improve. C) The terms of trade of food exporters improve. D) The terms of trade of all countries improve. Show Answer Correct Answer: B) The terms of trade of cloth exporters improve. 20. It is an agreement wherein it protects the intellectual property rights. A) TRIMS. B) MAY. C) TRIP. D) TRIPS. Show Answer Correct Answer: D) TRIPS. ← PreviousNext →Related QuizzesInternational Economics QuizzesEconomics QuizzesInternational Trade Quiz 1International Trade Quiz 2International Trade Quiz 3International Trade Quiz 4International Trade Quiz 5International Trade Quiz 6International Trade Quiz 7International Trade Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books