This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 119 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 119 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. According to the rule for allocating world production where does goods will always be produced? A) Where it is cheapest to make them. B) Where it is easiest to make them. C) Where it is costliest to make them. D) Where it is hardest to make them. Show Answer Correct Answer: A) Where it is cheapest to make them. 2. Is a trade surplus or deficit better for a country A) Surplus. B) Trade surplus. C) The trade fails. D) Balance of trade. Show Answer Correct Answer: A) Surplus. 3. Sports teams having their logo on memorabilia is considered? A) Licensing. B) Joint venture. C) Franchising. D) Infrastructure. Show Answer Correct Answer: A) Licensing. 4. ..... is the most basic economic problem. A) Scarcity. B) Labor. C) Greed. D) Capital. Show Answer Correct Answer: A) Scarcity. 5. Trading with only a limited number of countries A) Unlimited Trade. B) Specialization. C) Limited Trade. D) GDP. Show Answer Correct Answer: C) Limited Trade. 6. Liability insurance is an insurance product that provides protection against claims resulting from injuries and damage to other people or property. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 7. An agreement existing between two countries is termed ..... A) International trade. B) Bilateral cooperation. Show Answer Correct Answer: B) Bilateral cooperation. 8. Which following chapter that does not include any obligations in the 20 groups of deferred obligations of CPTPP? A) Intellectual Property. B) Competition policy. C) Transparency and Anti-Corruption. D) Telecommunications. Show Answer Correct Answer: B) Competition policy. 9. An international organization formed after WWII to promote international peace, security, and cooperation. A) World Trade Organization. B) United Nations. C) World Bank. D) NAFTA-USMCA. Show Answer Correct Answer: B) United Nations. 10. What is Gross Domestic Product (GDP)? A) The sum of all the final goods and services a country produces in a year. B) The total value of a country's gold reserves. C) The measure of a country's ability to utilize its limited resources. D) The metric used to determine a country's power. Show Answer Correct Answer: A) The sum of all the final goods and services a country produces in a year. 11. If Australia "pegged" its currency to the U.S. dollar, it would be using a A) Steady rate of exchange. B) Fluctuating rate of exchange. C) Flexible rate of exchange. D) Fixed rate of exchange. Show Answer Correct Answer: D) Fixed rate of exchange. 12. Which of the following is included in one of the internal barriers to international trade? A) Prohibition on imports from the destination country. B) There is a tariff. C) The quality of goods or commodities is still very low. D) There are import duties that must be paid. Show Answer Correct Answer: C) The quality of goods or commodities is still very low. 13. It refers to the sale and shipment of goods and services from one country to another. It involves sending products produced in one country to be sold or used in another country. A) Export. B) Import. Show Answer Correct Answer: A) Export. 14. What happens to goods which don't have national cost advantages or have high transportation costs? A) It becomes nontraded goods. B) It becomes expensive goods. C) It becomes worthless goods. D) It becomes national goods. Show Answer Correct Answer: A) It becomes nontraded goods. 15. If the the United States imports $ 100 million of goods and exports $ 150 million, what does the United States have? A) A trade surplus. B) A budget surplus. C) A budget deficit. D) A trade deficit. Show Answer Correct Answer: A) A trade surplus. 16. When imported goods grow cheaper in the US, it is a sign that the value of the dollar is likely ..... A) Rising. B) Falling slowly. C) Remaining constant. D) Falling quickly. Show Answer Correct Answer: A) Rising. 17. Which organization deals with international standards for trade? A) UNICEF (United Nations International Children's Emergency Fund). B) WHO (World Health Organization). C) ISO (International Organization for Standardization). D) ILO (International Labor Organization). Show Answer Correct Answer: C) ISO (International Organization for Standardization). 18. A species such as the critically endangered Asian Elephant is protected by which Appendix within CITES? A) 1. B) 2. C) 3. D) None of above. Show Answer Correct Answer: A) 1. 19. To change the words of a text, especially a law or a legal document, the implied members must do A) An office. B) An act. C) An amendment. D) A contest. Show Answer Correct Answer: C) An amendment. 20. Wheat grown in Kansas is shipped to Japan. A) Import. B) Export. Show Answer Correct Answer: B) Export. ← 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