This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 127 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 127 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Protectionists justify high tariffs because they A) Stimulate economic growth. B) Protect foreign jobs. C) Send money overseas. D) Help the balance of payments. Show Answer Correct Answer: D) Help the balance of payments. 2. Same meaning as 'slight' A) Extraordinary. B) Modest. C) Spectacular. D) Slip. Show Answer Correct Answer: B) Modest. 3. Definition of Bluff A) Careful about what you say so that you don't upset or embarrass anyone. B) Let the other person have something in order to achieve an agreement. C) Pretend something in order to achieve what you want. D) Delay (until a later date). Show Answer Correct Answer: C) Pretend something in order to achieve what you want. 4. What are the terms of the transport insurance contract? A) 4. B) 3. C) 5. D) 2. Show Answer Correct Answer: B) 3. 5. Developing struggling governments, environmental protection and macroeconomic stabilization. A) World Bank. B) World Trade Organization. C) International Monetary Fund. D) None of above. Show Answer Correct Answer: A) World Bank. 6. Commercial risk also called ....., is often defined as the risk of the buyer going into bankruptcy or being in any other way incapable of fulfilling their contractual obligations. A) Product risk. B) Currency risk. C) Adverse business risk. D) Purchaser risk. Show Answer Correct Answer: D) Purchaser risk. 7. The firm makes a profit so long as P is greater than C, and its profit will be greater the lower C is relative to P A) True. B) False. Show Answer Correct Answer: A) True. 8. The amount of demand that is greater than the supply on the world market will encourage the exporting country ..... A) Withhold delivery of goods. B) Lower the price of goods. C) Raise the price of goods. D) Cancel the purchase of goods. Show Answer Correct Answer: C) Raise the price of goods. 9. What does international trade mean? A) Trading with interns. B) Importing and/or exporting goods to trade. C) Trading in multiple countries. D) Trading only in the UK. Show Answer Correct Answer: B) Importing and/or exporting goods to trade. 10. Which country withdraws out of TPP? A) Australia. B) Chile. C) USA. D) Vietnam. Show Answer Correct Answer: C) USA. 11. In recent years international trade has been A) At a standstill. B) Flourishing. C) Decreasing. D) Nonexistent. Show Answer Correct Answer: B) Flourishing. 12. America has free trade. A) False. B) True. Show Answer Correct Answer: A) False. 13. What does FDI stand for? A) Foreign Domestic Investment. B) Foreign Investment Direct. C) Foreign Direct Income. D) Foreign Direct Investment. Show Answer Correct Answer: D) Foreign Direct Investment. 14. What does CITES stand for? A) Conservation of International Trees and Endangered Species. B) Conservation on International Trade in Endangered Species of Wild Fauna and Flora. C) Convention on International Trade in Endangered Species of Wild Fauna and Flora. D) None of above. Show Answer Correct Answer: C) Convention on International Trade in Endangered Species of Wild Fauna and Flora. 15. In Documentary Collection tansactions, the "Remitting Bank" is located where? A) Country of the Supplier. B) Country of the Buyer. C) None of the Above. D) None of above. Show Answer Correct Answer: A) Country of the Supplier. 16. Which of the following is an argument for restricting trade? A) Trade restrictions make Americans better off. B) Trade restrictions increase economic efficiency. C) Trade restrictions are necessary for economic growth. D) Trade restrictions are necessary for increasing purchasing power. Show Answer Correct Answer: B) Trade restrictions increase economic efficiency. 17. What is the value of International Trade? A) Because if you can trade with other countries that have a comparative advantage than make it on your own. B) Because everyone likes it. C) Because it is better to make it in your own country and sell it to others at a better price. D) None of above. Show Answer Correct Answer: A) Because if you can trade with other countries that have a comparative advantage than make it on your own. 18. The product life cycle describes the stages a really new product idea goes through from beginning to end. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 19. Use the information to answer the following question. Because Mexico specializes in the production of silver and Canada leads the world in the production of fishing nets, the two countries could engage in trade that benefits both parties. What is this law of economics called? A) Comparative advantage. B) Absolute advantage. C) Supply and demand. D) Parallel consumption. Show Answer Correct Answer: A) Comparative advantage. 20. To lead in the in the promotion and dissemination of productivity related information and issue A) MAY. B) MPC. C) ASEAN. D) HDC. Show Answer Correct Answer: B) MPC. ← 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