This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 118 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 118 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Quotas are taxes imposed on imported goods and services. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 2. CIS is A) China India Spain. B) Commonwealth of Indian States. C) Commonwealth of Independent States. D) Common Independent States. Show Answer Correct Answer: C) Commonwealth of Independent States. 3. Which of the following is an example of 'Entreport'? A) Kolkata Port. B) Athens. C) Singapore. D) London. Show Answer Correct Answer: C) Singapore. 4. Banks must hold a certain amount of money out of circulation. This is referred to as ..... A) Reserve requirement. B) Emergency Fund. C) Stockpile. D) Hoard. Show Answer Correct Answer: A) Reserve requirement. 5. International business is ..... international trade. A) Narrower than. B) Same as. C) Broader than. D) Nowhere related to. Show Answer Correct Answer: C) Broader than. 6. Statements that are NOT the scope of international trade activities are ..... A) Pak Harto likes wearing Japanese automotive products. B) Indonesia routinely sends workers to several ASEAN countries. C) Pak Rudi is an Indonesian citizen, selling goods to his Australian national who lives in Semarang. D) During the fasting month, imports of dates from Saudi Arabia are increasing to meet domestic needs. Show Answer Correct Answer: C) Pak Rudi is an Indonesian citizen, selling goods to his Australian national who lives in Semarang. 7. The most common mode of freight forwarding: A) All above. B) Plane. C) Railway. D) Truck. Show Answer Correct Answer: D) Truck. 8. The idea that a country gets more power by having more exports than imports, and accumulating more gold and silver than other countries. A) Mercantilism. B) International Trade Theory. C) Comparative Advantage. D) Absolute advantage. Show Answer Correct Answer: A) Mercantilism. 9. What is the term used to refer to a set of arrangements by which individuals and firms exchange money now for promises to pay in the future? A) Capital Market. B) Cash Market. C) Financial Market. D) Liability Market. Show Answer Correct Answer: A) Capital Market. 10. A detailed summary of all bills of lading and cargo that a ship is carrying A) Bill of Lading. B) Certificate of Origin. C) Manifest. D) Shipping Note. Show Answer Correct Answer: C) Manifest. 11. Assuming that, In the United States, it takes 5 hours of labors to produce a ton of potatoes and 10 to produce a ton of coal. What is the opportunity cost of potatoes production? A) 1/2 ton of coal. B) 2 ton of coal. C) 1/5 ton of coal. D) 1/10 tons of coal. Show Answer Correct Answer: A) 1/2 ton of coal. 12. Ana takes 30 minutes to wash the dishes and one hour to vacuum the house. Her husband, Joe, takes 15 minutes to wash the dishes and 45 minutes to vacuum. Who should do the vacuuming A) Well. B) Joe. Show Answer Correct Answer: A) Well. 13. What is one limitation of the theory of comparative advantage regarding the assumption of perfect information? A) It assumes that countries produce identical goods. B) It assumes that every country should specialize in producing the good with the lowest opportunity cost. C) It assumes that technology remains constant. D) It assumes that everyone has the same knowledge of prices and quantities in the market at the same time. Show Answer Correct Answer: D) It assumes that everyone has the same knowledge of prices and quantities in the market at the same time. 14. Korea increases its tariff on goods from the Philippines. Which of the following groups is hurt by this trade barrier? A) Korean Workers. B) Korean manufacturing. C) Korean Consumers. D) Korean Government. Show Answer Correct Answer: C) Korean Consumers. 15. Which product did Vietnam import the most in 2022? A) Phones and accessories. B) Wood and wood products. C) Vehicles and spare parts. D) Rice. Show Answer Correct Answer: A) Phones and accessories. 16. U.S. imports decline and the price of imports increases. A) Depreciation. B) Appreciation. Show Answer Correct Answer: A) Depreciation. 17. A product is said to be a 'similar product' when..... A) Have the same character/physical form. B) There is similarity in the purpose of use (end-use). C) Consumer preferences for the same goals/things. D) All are correct. Show Answer Correct Answer: D) All are correct. 18. The U.S. was founded on the very basis of international trade as Christopher Columbus discovered the new world while looking for a new route to engage in international trade. A) True. B) False. Show Answer Correct Answer: A) True. 19. Currency used in Canada A) Exchange. B) Canadian Dollar. C) Weight. D) Exchange rate. E) Currency. Show Answer Correct Answer: B) Canadian Dollar. 20. What is the GDP of the U.S.? A) 5 Trillion Dollars. B) 12 Trillion Dollars. C) 1 Trillion Dollars. D) 18 Trillion Dollars. Show Answer Correct Answer: D) 18 Trillion Dollars. ← 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