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International Trade Quiz 115 (20 MCQs)

Quiz Instructions

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1. Occurs when there are many sellers who offer similar products that aren't necessarily substituted. Although the barriers to entry are fairly low and the companies in this structure are price makers, the overall business decisions of one company do not affect its competition. Examples include fast food restaurants like McDonald's and Burger King.
2. Developed countries are industrialised countries.
3. In 2010, Vietnam experienced a deficit in the value of its trade in goods (visible) despite exporting a greater number of goods than it imported. What could explain this? A The average price of its goods imported exceeded the average price of its goods exported. B The average value of its goods exported exceeded the average value of its goods imported. C The country had a deficit on its trade in services. D The country's government imposed tariffs on imports.
4. Who would say the following? "We should keep American money in the American economy"
5. What is the balance of trade?
6. What does a country have when the opportunity of cost of producing a good is lower in terms of that good being produced in other countries?
7. What must you present to insure payment if you receive an Irrevocable Letter of Credit?
8. The management of the details of an operation.
9. The voluntary exchange of goods and services
10. What are a nation's reserves?
11. Approaches that can be taken regarding Substantially All Internal Trade (SAT):
12. Containers that always have a carefully controlled low temperature. They are exclusively used for shipment of perishable substances like fruits and vegetables over long distances
13. It is the oldest and simplest instrument of trade policy.
14. Investment made by a company or individual in one country in business interests in another country
15. When a country's currency is weak relative to other nations, domestic products are more expensive than imports.
16. INCOTERM was established by which agency?
17. An argument to support trade barriers is
18. The World Trade Organization was created as part of the Uruguay Round
19. Free trade.....
20. International trade not only results in increased efficiency but also allows countries to participate in a global economy, encouraging the opportunity of FilipinoDirect Investment (FDI).
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