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International Trade Quiz 122 (20 MCQs)

Quiz Instructions

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1. A country specialises in the production of steel, toys and textiles. What is a disadvantage of specialisation for the country's workers? A They cannot afford to buy products from other countries. B They could become structurally unemployed if global demand changes. C They have to learn a variety of skills. D They have too much choice which wastes their time.
2. When a country concentrates its productive efforts on producing a limited variety of goods. It has to give up producing other goods and relies on obtaining those other goods through trade.
3. When a company invests money in buildings and land for shareholders who get tax advantages from their investment as well as interest on the money invested.
4. What is the main reason countries engage in international trade?
5. An action in determining the price of goods that differs from one country to another
6. A Japanese car manufacturer decided to produce its cars in a factory in Europe. What would not be a reason why they might have chosen to do this? A cheaper wage costs in Europe B the availability of raw materials C to gain external economies from skilled labour in Europe D to increase Japanese self-sufficiency
7. The total number of goods that can be imported within a certain period
8. International Trade is as complicated as domestic trade.
9. Most of the world's great ports are classified as .....
10. Trade in services is called?
11. Why do firms try to avoid competition?
12. Viet Nam's export rank in 2019?
13. What is a 'Hinterland'?
14. Foreign currency for exporting a commodity
15. Savannah is home to .....
16. The rules, Laws and policies, taxation system, etc., of multiple countries are applicable to the .....
17. WHAT IS THE LETTER KNOWN AS ON WHICH THE IMPORTER DESCRIBES THE DETAILS OF THE ORDER
18. Mechanic A can change a tire in 1 hour and change a sparkplug in 2 hours. Mechanic B can change a tire in 0.5 hours and change a sparkplug in 0.25 hours. Who has the comparative advantage in changing sparkplugs?
19. A standard for a product quality and safety, import licensing requirements or bureaucratic procedures for importing a product.
20. Which economic system uses the "invisible hand theory" ?
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