This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 121 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 121 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Identify 4 types of method in international trade A) Open account, advance payment. B) Advance payment, current account, documentary acceptance and documentary collection. C) Closed account, advance financing, documentary credit and documentary collection. D) Open account, advance payment, documentary credit and documentary collection. E) 1, 2, 3. Show Answer Correct Answer: D) Open account, advance payment, documentary credit and documentary collection. 2. Headquarter of European Union is ..... A) Minsk, Belarus. B) Jakarta, Indonesia. C) Brussels, Belgium. D) Vienna, Austria. Show Answer Correct Answer: C) Brussels, Belgium. 3. Who has the absolute advantage for crowns A) Camelot. B) Avalon. Show Answer Correct Answer: B) Avalon. 4. What is revenue? A) Incoming favors from mechants. B) An economic protest. C) A boycott of goods. D) Incoming money from taxes. Show Answer Correct Answer: D) Incoming money from taxes. 5. U.S. exports include (what we SELL to other countries): A) All are exports. B) Chemicals. C) Agricultural products. D) Consumer durables and Semiconductors. E) Aircraft. Show Answer Correct Answer: A) All are exports. 6. A government is considering imposing a tariff on imported foreign cars. What would be the likely effect of imposing the tariff? A) It would result in the increased export of home-produced cars. B) The government would know exactly how many cars would be imported. C) It would raise revenue for the government. D) There would be no extra work for the customs authorities. Show Answer Correct Answer: C) It would raise revenue for the government. 7. When fair wages and good manpower conditions are kept, it is said that the country is complying with A) International trade. B) Trade agreements. C) Fair trade. D) Good market. Show Answer Correct Answer: C) Fair trade. 8. Which group has been an example for successfully determining the amount and price of a world-wide commodity? A) The European Union. B) World Trade Organization. C) North Atlantic Treaty Organization. D) Organization of Petroleum Exporting Countries. Show Answer Correct Answer: D) Organization of Petroleum Exporting Countries. 9. The last stage of economic growth is A) The takeoff stage. B) The transition stage. C) The high development stage. D) The semi-development stage. Show Answer Correct Answer: C) The high development stage. 10. What is the current trend in the U.S. balance of trade? A) Stable. B) Improving. C) Fluctuating. D) Declining. Show Answer Correct Answer: D) Declining. 11. Comparative advantage was developed by David Ricardo. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 12. Countries and businesses nowadays are interconnected, they rely on each other on their economic and business transactions or in other words this is what we call "colonialism" . A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 13. (v) to move or go up A) Import. B) Export. C) Climb. D) Count on. Show Answer Correct Answer: C) Climb. 14. The plaintiff in the dispute resolution process at the WTO is called..... A) Plaintiff. B) Litigant. C) Complainant. D) Contestant. Show Answer Correct Answer: C) Complainant. 15. According to the ..... argument, governments should temporarilysupport new industries until they have grown strong enough to meet international competition. A) Retaliatory action. B) Human rights. C) Infant industry. D) Anti-dumping. Show Answer Correct Answer: C) Infant industry. 16. Firms often advertise saying that they specialise in providing a certain product or service. What is an advantage of such specialisation to the firm? A Its workers are motivated by more varied tasks. B Production is dependent on other firms supplying components. C The firm's average cost of production is likely to fall. D The firm can quickly adapt production if their product or service is no longer required. A) A. B) B. C) C. D) D. Show Answer Correct Answer: C) C. 17. If Panama decides to stop trading with Venezuela because of oil spills and oil pollution, what kind of trade barrier would be placed on Venezuela? A) Tariff. B) Quota. C) Embargo. D) None of above. Show Answer Correct Answer: C) Embargo. 18. Are those goods, raw materials, and services that are produced in one country and then sold to another country. A) Imports. B) Exports. C) Supply. D) Trade. Show Answer Correct Answer: B) Exports. 19. "consignee" is the same as "receiver, importer" A) True. B) False. Show Answer Correct Answer: A) True. 20. Which ISN'T a spice? A) Pepper. B) Salt. C) Cinnamon. D) Orange. Show Answer Correct Answer: D) Orange. ← 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