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International Trade Quiz 102 (20 MCQs)

Quiz Instructions

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1. In 2017, which economy was Singapore's largest trade partner for services?
2. The party carrying out the import activity is called .....
3. If resource companies in Canada want to increase their business, they should not sell globally, they should just stay local.
4. What is an advantage to a country of joining a trading bloc?
5. What does the abbreviation WTO stand for in international economics?
6. CIF and CFR are the same trade terms covering which transport methods?
7. A document which accompanies the invoice for goods shipped by air
8. By lowering production costs, ..... help domestic producers compete against foreign imports.
9. What is not a away governments punish countries through trade?
10. By lowering production costs, ..... help domestic producerscompete against foreign imports.
11. The MFN principle is regulated in GATT, GATS and TRIPS in article.....
12. Tires made in American factories are used on cars in Europe.
13. A government removed the quota on goods imported into the country. What is the most likely result of this? A a decrease in demand for domestic production B a decrease in domestic unemployment C a decrease in exports D a decrease in the balance of trade deficit
14. If nations limit trade in clothing who will benefit?
15. In Porter's diamond of competitive advantage theory, the conditions governing how companies are created, organized, and managed, and the nature of domestic rivalry refers to:
16. The wholesale trade sells the goods to the final consumer.
17. This refers to economies that are unique to a firm. For instance, a firm may hold a patent over a mass production machine, which allows it to lower its average cost of production more than other firms in the industry.
18. Who should import crowns?
19. Which of the following has the most trading power in the world?
20. When the exchange rate changes from 1 GBP to $ 1.50 to 1 GBP to $ 2. What has happened to the value of the dollar against the pound?
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