This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 141 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 141 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Balance of Payments A) Comparison of amounts of foreign currency taken into a country versus amounts of domestic currency paid out. B) Country's total amount of exports minus the total amount of imports. C) Foreign goods shipped into a country or region. D) Goods produced in one country, then shipped to another region or country. Show Answer Correct Answer: A) Comparison of amounts of foreign currency taken into a country versus amounts of domestic currency paid out. 2. Our organizational culture exerts a profound influence on the way we behave as businesspeople. A) True. B) False. Show Answer Correct Answer: B) False. 3. What does CIF stand for in international trade? A) Cargo Insurance Form. B) Cost Insurance Factor. C) Customs Import Fee. D) Cost, Insurance, and Freight. Show Answer Correct Answer: D) Cost, Insurance, and Freight. 4. Who has the comparative advantage for crowns A) Camelot. B) Avalon. Show Answer Correct Answer: B) Avalon. 5. A document declaring in which country a commodity or good was manufactured A) Bill of Lading. B) Certificate of Origin. C) Custom Specification. D) Export Licence. Show Answer Correct Answer: B) Certificate of Origin. 6. In countertrade, can you exchange for 50% cash & 50% goods ..... A) Yes. B) No. Show Answer Correct Answer: A) Yes. 7. Which of the following is NOT the arguments for protectionism? A) Protect infant & local industries. B) Lower revenue through tariff. C) Protect domestic employment. D) Prevent dumping. Show Answer Correct Answer: B) Lower revenue through tariff. 8. The definition of Trade is A) Importing goods. B) Exporting goods. C) To buy or sell goods and services. D) None of above. Show Answer Correct Answer: C) To buy or sell goods and services. 9. Absolute advantage is the ability of a nation to produce commodities more efficiently than another nation A) The ability of a nation to produce commodities less efficiently than another nation. B) The ability of a nation to produce commodities more efficiently than another nation. C) Specific use of resources that decreases output. D) Ability of a nation to produce goods at a lower opportunity costs. Show Answer Correct Answer: B) The ability of a nation to produce commodities more efficiently than another nation. 10. What year established the International Monetary Fund and the world bank? A) 1944. B) 1945. C) 1934. D) 1954. Show Answer Correct Answer: B) 1945. 11. The proliferation of trading blocs can result in the implementation of international regulatory norms that..... A) Very good. B) Overlap each other. C) Stronger. D) Perfect. Show Answer Correct Answer: B) Overlap each other. 12. When the production possibility frontier is a straight line, the opportunity cost of a certain good in terms of another good is ..... A) Constant. B) Proportional. C) Positive. D) Inverse. Show Answer Correct Answer: A) Constant. 13. WHY WOULD A TARIFF EFFECT INNOVATION? A) DOMESTIC FIRMS OVER CONFIDENCE. B) LACK OF COMPETITION. C) BOTH. D) None of above. Show Answer Correct Answer: C) BOTH. 14. These ports specialise in bulk cargo like grain, sugar, ore, oil, chemicals and similar materials. A) Industrial Ports. B) Commercial Ports. C) Comprehensive Ports. D) Oil Ports. Show Answer Correct Answer: A) Industrial Ports. 15. Forms of Trade Remedies include: A) Anti-dumping. B) Safeguard. C) Subsidies and reward measures. D) All true. Show Answer Correct Answer: D) All true. 16. During a recession what would you do to stimulate the economy? A) Lower the required reserve ratio, Lower the discount rate, Buy Bonds. B) Raise the the required reserve ratio, raise the discount rate, Sell Bonds. Show Answer Correct Answer: A) Lower the required reserve ratio, Lower the discount rate, Buy Bonds. 17. To help protect Irish beef consumption and demand, Ireland placed this type of Barrier to Trade on New Zealand beef. A) Subsidy. B) Tariff. C) Embargo. D) None of above. Show Answer Correct Answer: B) Tariff. 18. The European Union has encouraged all of the following EXCEPT A) Common currency-Euro. B) Free trade between European countries. C) Positive relationships among leaders. D) Common enemies. Show Answer Correct Answer: D) Common enemies. 19. The increasing tendency for countries to trade with each other and to buy global goods A) Trading blocs. B) Protectionism. C) Globalisation. D) Tariffs. Show Answer Correct Answer: C) Globalisation. 20. How does a trade imbalance with higher imports and lower exports affect non-material living standards? A) It has no effect on non-material living standards. B) It leads to increased government spending on welfare and healthcare. C) It puts pressure on existing services and worsens non-material living standards. D) It improves non-material living standards for all members of society. Show Answer Correct Answer: C) It puts pressure on existing services and worsens non-material living standards. ← 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