This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 143 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 143 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following best describes the term balance of trade? A) A trade agreement between two countries. B) Trade among countries is equally beneficial forall of the countries involved. C) Countries are only allowed to import the same value of goods that they export. D) The value of a country's exports equals the country's imports. Show Answer Correct Answer: D) The value of a country's exports equals the country's imports. 2. The subject of economics across national boundaries A) International Finance. B) Trade Failure. C) Currency. D) Foreign Exchange. Show Answer Correct Answer: A) International Finance. 3. Kentucky got shoes made in China A) Import. B) Export. Show Answer Correct Answer: A) Import. 4. Countries will gain by concentrating on a limited range of good because: A) Producers discover new and more efficient techniques. B) Their scale of operation will warrant mass production methods and the increase use of capital. C) They are more likely to improve the product itself as a result of improved skill and research. D) All of the above. Show Answer Correct Answer: A) Producers discover new and more efficient techniques. 5. The support activities of the value chain provide outputs that allow the primary activities to occur. A) True. B) False. Show Answer Correct Answer: B) False. 6. Which one of these is a benefit of Global Trade? A) Quotas. B) Increased Sales/Profits. C) Language differences. D) Less choice and variety. Show Answer Correct Answer: B) Increased Sales/Profits. 7. What is the main benefit of using the WIPO Madrid System for international trademark protection? A) Lower cost for trademark registration. B) Automatic trademark protection in all member countries. C) Faster processing time for trademark applications. D) Ability to file a single application for multiple countries. Show Answer Correct Answer: D) Ability to file a single application for multiple countries. 8. Commercial invoice A) Commercial invoice. B) Commercial bill. C) Commercial turnover. D) Commercial factsheet. Show Answer Correct Answer: A) Commercial invoice. 9. ..... is defined as the absence of tariffs, quotas, or other governmental impediments to internationaltrade, allows each country to specialize in the goods it can produce cheaply and efficiently relative to other countries. A) Free Trade. B) Tariff. C) Tax. D) Import. Show Answer Correct Answer: A) Free Trade. 10. Economies of scale give countries an incentive to ..... even in the absence of differences in resources or technology between countries. A) Specialize and trade. B) Socialize and trade. C) Modernize and exchange. D) Differentiate and develop. Show Answer Correct Answer: A) Specialize and trade. 11. Imperfectly competitive firms have a demand curve that ..... and a marginal revenue curve that ..... and is ..... the demand curve. A) Slopes downward; slopes downward; below. B) Is horizontal; is horizontal; the same as. C) Slopes downward; is horizontal; above. D) Is horizontal; slopes downward; below. Show Answer Correct Answer: B) Is horizontal; is horizontal; the same as. 12. Who has the absolute advantage for brooms? A) Ravenclaw. B) Gryffindor. Show Answer Correct Answer: A) Ravenclaw. 13. Which of the following is NOT an argument against free trade? A) Free trade causes money to leave the country. B) Free trade causes jobs to leave the country. C) Free trade causes the US to be too dependent on other nations. D) Free trade brings jobs into the US. Show Answer Correct Answer: D) Free trade brings jobs into the US. 14. This is a tax on imports that is used to increase price of foreign products and raise government revenue. Sometimes we will still by the foreign product ..... A) Tariff. B) Quota. C) Subsidy. D) Embargo. Show Answer Correct Answer: A) Tariff. 15. Which is VietNam's biggest import partner? A) China. B) India. C) Japan. D) Uniited State. Show Answer Correct Answer: A) China. 16. Which of these are features of globalisation have been benefits for Walmart, Apple and Nike who operate internationally? More then 1 correct answer, for this question, how many have you identied. A) Using common currencies. B) Have multinational coroperations. C) International Mobility of labour. D) Trading Blocs. Show Answer Correct Answer: C) International Mobility of labour. 17. Observe Table 8.5. Why does India import edible oil, inspite of being an agriculturally rich country? Choose the best possible answer. A) Indians consume a lot of oily food. B) India doesnot produce oilseeds. C) The consumption of edible oil in India is more than its production. D) India is largest producer of edible oil in the world. Show Answer Correct Answer: C) The consumption of edible oil in India is more than its production. 18. The statements that follow relate to possible gains from an increase in free trade. Which gain is least certain to result? A Increased specialisation leads to improvements in productivity. B Trade extends the choice of goods available to consumers. C Trade leads to an increase in the number of jobs. D Trade leads to a reduction in costs of production. A) A. B) B. C) C. D) D. Show Answer Correct Answer: C) C. 19. A disadvantage of globalisation for manufacturers in the UK would include which one of the following A) Access to wider markets. B) Difficult to find workers. C) Low-cost competition from overseas firms. D) The spread of technology could cause local unemployment. Show Answer Correct Answer: C) Low-cost competition from overseas firms. 20. The opposite of a ..... exchange rate is a ..... exchange rate. A) Floating, foreign. B) Foreign, flexible. C) Flexible, floating. D) Fixed, floating. Show Answer Correct Answer: D) Fixed, floating. ← 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