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International Trade Quiz 128 (20 MCQs)

Quiz Instructions

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1. Economic Trade in which of the following geographies suffered the steepest decline.
2. Headquarter of CIS is .....
3. What is the impact of trade barriers on consumers?
4. If you are the director of the purchasing department of the large supermarket in Dreamtime, and you purchase a batch of meat from overseas on behalf of the supermarket and put it for sale in the supermarket, does your purchase belong to international trade?
5. Many different cultures are lost as the world begins to interact more and more.
6. Another difference between domestic and international trade is that factors of production such as capital and labor are typically ..... within a country than across countries.
7. If competition causes an economy to be more efficient, what effect will that efficiency have?
8. A depreciation of the exchange rate of the pound sterling against the US dollar from £1:$ 1.50 to £1:$ 1.00 must mean that A the pound will be undervalued. B US imports from the UK will become more expensive. C UK imports from the US will become cheaper. D dollars will become more expensive in terms of pounds.
9. When a countries exports exceeds its imports
10. A policy that the government can choose to support export is by giving .....
11. Be flexible:you have to learn to think outside the .....
12. Which country has the most voting power at the World Bank?
13. What does the USA consume the most of (world wide), but produce little of, to where we have to trade?
14. How many types are there in International trade?
15. Tariffs and quotas can have all of the following effects EXCEPT
16. What year are INCOTERMS currently used?
17. Goods and services purchased from other countries.
18. Comparative advantage exists when a person or a country can produce a good or service at a lower ..... than others.A. Fixed costB. Total costC. Marginal costD. Variable costE. Opportunity cost
19. ..... is when a country is better off producing goods and services compared to another country.
20. The phrase 'invisible-hand' as purported by Adam Smith as the logic behind market motivation refers to
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