This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 125 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 125 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The purpose of ASEAN is to ..... A) Accelerate and encourage economic growth in SE Asia. B) Promote over fishing in SE Asia. C) Elect the presidents of SE Asia nations. D) Help save the environment of each nation in SE Asia. Show Answer Correct Answer: A) Accelerate and encourage economic growth in SE Asia. 2. Where did COVID-19 originate? A) New crown. B) WHO. C) Wuhan. D) Japan. Show Answer Correct Answer: C) Wuhan. 3. Which of the following is not a government campaign? A) Buy Malaysian goods campaign. B) Free trade zone. C) Oembiayaan import. D) Tax incentives. Show Answer Correct Answer: C) Oembiayaan import. 4. What does the Ricardian Model allows no role for differences among countries as a cause of trade? A) Specialization. B) Distribution of Income. C) Resources. D) Economies of Scale. Show Answer Correct Answer: C) Resources. 5. What is the tariff on cars imported into the EU from the UK? A) £1000. B) £2000. C) 5%. D) 10%. Show Answer Correct Answer: D) 10%. 6. Which union controls most of the oil, in the world? A) EU. B) OPEC. C) NAFTA. D) WTO. Show Answer Correct Answer: B) OPEC. 7. The dealings in ..... trade may be carried in different currencies. A) Internal trade. B) External trade. C) Both of the above. D) None of the Above. Show Answer Correct Answer: B) External trade. 8. South Africa can produce 1 barrel of oil using 3 units of land and can produce 1 karat of diamonds using 1 unit of land. On the other hand, Saudi Arabia can produce 1 barrel of oil using 1/2 unit of land and can produce 1 karat of Diamond using 6 units of land. Which country has comparative advantage in land production? A) Saudi Arabia. B) South Africa. C) Both Countries. D) None. Show Answer Correct Answer: D) None. 9. What does the term "WTO" stand for? A) International Trade Organization. B) World Trading Organs. C) World Trade Organization. D) Multilateral Trade Organization. Show Answer Correct Answer: C) World Trade Organization. 10. When the economy of two countries depend on each other, it's called: A) Economic interdependence. B) Multinational cooperation. C) Isolationism. D) Outsourcing. Show Answer Correct Answer: A) Economic interdependence. 11. People who carry out activities selling goods abroad are called..... A) Impor. B) Export. C) Exporter. D) Importer. Show Answer Correct Answer: C) Exporter. 12. Business transactions between Lithuania and the United States involve members of A) The EU and OPEC. B) The EU and NAFTA. C) COMESA and NAFTA. D) COMESA and OPEC. Show Answer Correct Answer: B) The EU and NAFTA. 13. An attempt to make someone do something for you, in a non legal way, by giving the person money, presents, or something else that he or she wants. A) Masonry. B) Bribery. C) Compliance. D) Corruption. Show Answer Correct Answer: B) Bribery. 14. Commercial exchange between nations that is conducted on free market principles, without regulations. A) Infrastructure. B) Corporate. C) Free trade. D) Joint venture. Show Answer Correct Answer: C) Free trade. 15. What will be the impact of a fall in the exchange rate on a business that sells imported goods in its own country? A) None. B) It will have to pay more for those goods. C) It will pay less for those goods. D) None of above. Show Answer Correct Answer: B) It will have to pay more for those goods. 16. When a currency is determined by supply and demand for a currency relative toother currencies A) Forward Rate. B) Spot Rate. C) Fixed Exchange Rate. D) Floating Exchange Rate. Show Answer Correct Answer: D) Floating Exchange Rate. 17. Which of the following accurately defines embargo? A) A special tax placed on foreign goods sold in the U.S. B) A method used to stop the shipment of certain products to or from particular countries. C) A packing and shipping regulation for hazardous products. D) A fixed limit on the amount of import or export of a product. Show Answer Correct Answer: B) A method used to stop the shipment of certain products to or from particular countries. 18. Which of the following statements BEST describes the effects of fre e trade? A) Total surplus increases. B) Gains from trade decrease as the markets become more extensive. C) The overall size of the economy shrinks. D) Everyone is made better off. E) The costs exceed the benefits. Show Answer Correct Answer: A) Total surplus increases. 19. Which approach views power as secondary to security? A) Mercantilism. B) Liberalism. C) Marxism. D) Rational Choice. Show Answer Correct Answer: A) Mercantilism. 20. The EU placed this barrier to trade on the amount of clothes that can be imported from China to the EU. A) Subsidy. B) Tariff. C) Embargo. D) Quota. Show Answer Correct Answer: D) Quota. ← 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