This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 152 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 152 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A means of preventing a foreign product or service from freely entering a nation's territory. A) Trade surplus. B) Trade barriers. C) Trade embargo. D) None of above. Show Answer Correct Answer: B) Trade barriers. 2. With international trade, slowly, borders are disappearing and different societies are becoming like a one small village. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 3. What action represents a way the federal government can promote business competition? A) Punishing polluters. B) Regulating investors. C) Enforcing tariffs. D) Prohibiting monopolies. Show Answer Correct Answer: D) Prohibiting monopolies. 4. Trade theory helps managers and government policymakers focus on these questions:What products should we import and export? How much should we trade? With whom should we trade? A) True. B) False. Show Answer Correct Answer: A) True. 5. What is the relationship between trade deficits and surpluses and a country's self-interest? A) Trade deficits are always in a country's self-interest. B) Trade surpluses are always in a country's self-interest. C) Trade deficits and surpluses can both be in a country's self-interest. D) Trade deficits and surpluses are never in a country's self-interest. Show Answer Correct Answer: C) Trade deficits and surpluses can both be in a country's self-interest. 6. If the seller agrees to be responsible for the cost of insurance for transportation. What commercial terms must the seller choose as conditions in the sales contract? A) FAS. B) FCA. C) CFR. D) CIP. Show Answer Correct Answer: D) CIP. 7. Which are trade agreements: A) All are true. B) General Agreement on Tariffs and Trade (GATT). C) World Trade Organization (WTO). D) European Union (EU). E) North American Free Trade Agreement (NAFTA). Show Answer Correct Answer: A) All are true. 8. Who focuses their attention on poor people in all countries? A) World Trade Organization. B) World Bank. C) International Monetary Fund. D) None of above. Show Answer Correct Answer: B) World Bank. 9. In 1492, Christopher Columbus set sail with three ships namely, Nina, Pinta, and Santa Maria. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 10. 6/ In the context of dynamic increasing profits, what is the primary focus of a company's strategy? A) Short-term profit maximization. B) Reducing competition. C) Long-term sustainability and innovation. D) Regulatory compliance. Show Answer Correct Answer: C) Long-term sustainability and innovation. 11. Saudi Arabia exports petroleum to Japan. Australia exports apples to Malaysia.Which aspect of international trade is important for this? A) A to increase the purchasing power of people. B) B to improve quality of product. C) C to fully use the resources. D) D to lower the price of product. Show Answer Correct Answer: C) C to fully use the resources. 12. What is the definition of 'International Trade'? A) The buying and selling of goods and services between different countries. B) Exchanging goods and services within a country. C) Is exchanging of goods and services between two parties in return for payment. It can be domestic or international. D) The free movement of people across countries. Show Answer Correct Answer: A) The buying and selling of goods and services between different countries. 13. What does HDI stand for? A) Human Development Index. B) Human Development Income. C) Human Development Index. D) None of above. Show Answer Correct Answer: A) Human Development Index. 14. It is the basic economic concept involving the buying and selling of goods and services. A) Market. B) Trading. C) Transaction. D) Trade. Show Answer Correct Answer: D) Trade. 15. A global coalition of nations that makes the rules governing international trade. A) Customization. B) World Trade Organization (WTO). C) Contract manufacturing. D) North American Free Trade Agreement (NAFTA). Show Answer Correct Answer: B) World Trade Organization (WTO). 16. Re-export means A) To export goods and services to a foreign country, going through a third country. B) To export goods and services that have been imported from aboard. C) To export unprocessed goods and services to foreign countries. D) To export goods and services without doing export procedures out of Vietnam. Show Answer Correct Answer: A) To export goods and services to a foreign country, going through a third country. 17. Accounts for A) Phrasal verb) to depend on. B) (phrasal verb) to leave the ground. C) (phrasal verb) leaving to go somewhere. D) (phrasal verb) to be responsible for. Show Answer Correct Answer: D) (phrasal verb) to be responsible for. 18. Countries who rely heavily on exports A) Trade Dependency. B) Exports. C) Imports. D) International Trade. Show Answer Correct Answer: A) Trade Dependency. 19. What is the term for the difference in value over a period of time of a country's imports and exports? A) Trade balance. B) Trade fails. C) Trade surplus. D) Trade agreement. Show Answer Correct Answer: B) Trade fails. 20. (adj.) of, relating to, or involving the entire world; comprehensive A) Glowbal. B) Global. C) Gloobal. D) Global. Show Answer Correct Answer: B) Global. ← 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