This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 154 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 154 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It's the main interest to involve the buying and selling procedures for public sector into the free trade agreements A) Regulate governments based on WTO trade policies and prevent them from purchasing services and products outside the regional demarcation of the treaty. B) Ensure that suppliers of goods and services are treated in an open, transparent and non-discriminatory manner. C) Driving down costs, and extends demand to large suppliers in an agile and flexible supply chain. D) Grant contracts for large projects to trusted companies, national or international, that have the capital to provide financing for long periods of time. Show Answer Correct Answer: B) Ensure that suppliers of goods and services are treated in an open, transparent and non-discriminatory manner. 2. Which of these suggest a J Curve effect A) Short term Ped Exp + Ped Imports = 0.6; Long term Ped Exp + Ped Imports = 0.8. B) Short term Ped Exp + Ped Imports = 0.8; Long term Ped Exp + Ped Imports = 0.8. C) Short term Ped Exp + Ped Imports = 1.2 ; Long term Ped Exp + Ped Imports = 1.2. D) Short term Ped Exp + Ped Imports = 0.8; Long term Ped Exp + Ped Imports = 1.2. E) Short term Ped Exp + Ped Imports = 1.2; Long term Ped Exp + Ped Imports = 0.8. Show Answer Correct Answer: D) Short term Ped Exp + Ped Imports = 0.8; Long term Ped Exp + Ped Imports = 1.2. 3. Which is not a Regional Interaction A) Regional complementary. B) Intervening Opportunity. C) Transfer ability. D) Regional substitution. Show Answer Correct Answer: D) Regional substitution. 4. A ban on certain goods entering or leaving a country A) Embargo. B) Tariff. C) Quota. D) Exports. Show Answer Correct Answer: A) Embargo. 5. If the cargo is light but expensive, it's better to send it by air. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 6. When exports are greater than imports A) Surplus. B) Defecit. C) Negative balance of trade. D) Sanctions. Show Answer Correct Answer: A) Surplus. 7. Make A) Space on a ship, train, lorry or plane. B) A number of shipments under one bill oflading. C) Booking reservations. D) That the health and safety standards aremaintained. E) With all the necessary documentation. Show Answer Correct Answer: C) Booking reservations. 8. Amount by which a country's imports exceed its exports A) International Finance. B) Trade Failure. C) Currency. D) Foreign Exchange. Show Answer Correct Answer: B) Trade Failure. 9. What is an import? A) A good or service that a country buys from another country. B) A good or service that a country sells to another country. C) A good or service that is produced within the same country. D) None of above. Show Answer Correct Answer: A) A good or service that a country buys from another country. 10. By fully utilising all their resources, Country A can produce either 100 cars or 1000 scooters, whereas Country B can produce 50 cars or 250 scooters. Which of the following statements is CORRECT. A) Country A has comparative advantage in cars. B) Country A has comparative advantage in scooters. C) Country B has absolute advantage in cars. D) Neither country has comparative advantage in any of the goods. Show Answer Correct Answer: B) Country A has comparative advantage in scooters. 11. When a nation's economic policy increases competition, allows domestic goods to be sold all over the world, allows country to expose comparative advantage through specialization. A) Arguments against free trade. B) Arguments for free trade. Show Answer Correct Answer: B) Arguments for free trade. 12. Removes taxes and tariffs on a countries exports A) Protectionism. B) Free Trade. Show Answer Correct Answer: B) Free Trade. 13. In the context of international business, what does FDI stand for? A) Foreign Direct Investment. B) Federal Duty on Imports. C) Foreign Development Initiative. D) Free Delivery and Importation. Show Answer Correct Answer: A) Foreign Direct Investment. 14. What are the requirements for an international trademark application to be accepted under the WIPO Madrid System? A) Payment of a fee, proof of use in home country, approval from all member countries. B) Proof of use in home country, payment of a fee, domicile in a non-member country. C) Basic application or registration in home country, domicile in a non-member country, approval from all member countries. D) Basic application or registration in home country, nationality or domicile in a member country, designation of member countries for protection. Show Answer Correct Answer: D) Basic application or registration in home country, nationality or domicile in a member country, designation of member countries for protection. 15. The exchange of capital (money), goods, and services across international borders or between nations A) Global Trade. B) Globalization. C) Trade Agreement. D) Free Trade. Show Answer Correct Answer: C) Trade Agreement. 16. International trade operates A) On the gold standard. B) With a fixed exchange rate system. C) With a flexible exchange rate system. D) None of above. Show Answer Correct Answer: C) With a flexible exchange rate system. 17. Why do economists regard imperfect competition as undesirable? A) It leads to political dictatorships. B) It allows firms to be less efficient producers. C) It results in unfairly low prices. D) It causes firms to lose money and move overseas. Show Answer Correct Answer: A) It leads to political dictatorships. 18. What is the term used to describe the situation when a country's imports exceed its exports? A) Trade surplus. B) Trade fails. C) Foreign debt. D) Economic growth. Show Answer Correct Answer: B) Trade fails. 19. In the context of global production, what does "containerization" refer to? A) The movement of people between countries. B) The standardized packaging and transportation of goods. C) The production of lightweight containers. D) A process of creating custom containers for products. Show Answer Correct Answer: B) The standardized packaging and transportation of goods. 20. It is government-imposed limit on the quantity or in exceptional cases the value of the goods or services that ma be exported or imported over a specified period of time. A) Quotas. B) Tariff. C) Non-tariff. D) Rhetoric. Show Answer Correct Answer: A) Quotas. ← 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