This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 155 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 155 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The WTO argues that removing tariff barriers and subsidies in the agricultural sector could: A) Protect agriculture farmers in developed nations. B) Lower prices to consumers. C) Lower the overall level of agricultural trade. D) Restrict global economic growth. Show Answer Correct Answer: B) Lower prices to consumers. 2. An economic system in which individuals and businesses make decisions about what to produce. A) Market economy. B) Mixed economy. C) Command economy. D) None of above. Show Answer Correct Answer: A) Market economy. 3. Which of the following program was intended to help the transport sector/industry/group amid to fuel price hike? A) Pantawid Balik Pinas Program. B) Crossroads Program. C) Pantawid Pamilyang Pilipino Program. D) Heritage Past Program. Show Answer Correct Answer: D) Heritage Past Program. 4. Administrative barriers refer to measures that A) Are a type of trade protection. B) Can be used as hidden protection. C) May consist of health, safety or environmental standards. D) All of the above. Show Answer Correct Answer: D) All of the above. 5. Bureaucratic practices of the government could cause delays in acquiring their permits and licenses. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 6. What does the process of specialization do for an economy? A) It makes it easier to control. B) It fosters competition. C) It eliminates unemployment. D) It makes the economy more efficient. Show Answer Correct Answer: D) It makes the economy more efficient. 7. The UK is leaving the European Union. This would make it harder for other countries to trade with it. What would happen the value of the British Pound? A) It would increase. B) It would decrease. C) It would remain the same. D) None of above. Show Answer Correct Answer: B) It would decrease. 8. India's major trade partners include A) Singapore, china, australia, united arab emirates, bangladesh. B) United States, United Arab Emirates, China, Singapore, Saudi Arabia and Iraq. C) United States, United Arab Emirates, Hong Kong, China, Singapore, Saudi Arabia and Iraq. D) None of the above. Show Answer Correct Answer: C) United States, United Arab Emirates, Hong Kong, China, Singapore, Saudi Arabia and Iraq. 9. What is the cultural argument for government intervention in international trade? A) To prevent unemployment. B) To protect domestic industries. C) To preserve national identity. D) To further foreign policy goals. Show Answer Correct Answer: C) To preserve national identity. 10. It is a firm that has directly invested abroad and has at least one working affiliate in a foreign country A) INTERNATIONAL COMPANY. B) BUSINESS COMPANY. C) BUSINESS OUTSIDE. D) MULTINATIONAL ENTERPRISES. Show Answer Correct Answer: D) MULTINATIONAL ENTERPRISES. 11. According to Adam Smith, international trade should be restricted by tariffs and quotas in order to give a country an absolute advantage. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 12. A transaction that brings money into a country A) Debit. B) Credit. C) Export. D) Import. Show Answer Correct Answer: B) Credit. 13. Proforma invoice A) Commercial invoice. B) Proform bill. C) Preform invoice. D) Proforma invoice. Show Answer Correct Answer: D) Proforma invoice. 14. Specialists in the U.S. trade laws, procedures, and tariffs A) Trade brokers. B) Custom brokers. C) Investment brokers. D) Multinationals. Show Answer Correct Answer: B) Custom brokers. 15. What is protectionism? A) An economic policy to restrict trade between countries through the imposition of barriers to trade including tariffs and quotas. B) Only trading within EU. C) Only trading within the Commonwealth. D) None of above. Show Answer Correct Answer: A) An economic policy to restrict trade between countries through the imposition of barriers to trade including tariffs and quotas. 16. What is the purpose of protecting consumers in government intervention in international trade? A) To prevent unemployment. B) To protect domestic industries. C) To maintain spheres of influence. D) To further foreign policy goals. Show Answer Correct Answer: D) To further foreign policy goals. 17. What products does Apple not make? A) IPhone. B) IPad. C) Xbox. D) Apple TV. Show Answer Correct Answer: C) Xbox. 18. What is the term for the value of inward direct investment made by nonresident investors in another country's economy? A) Foreign direct investment. B) Inflow. C) Greenfield investment. D) Spillover effect. Show Answer Correct Answer: B) Inflow. 19. An advantage of specialisation:The world's resources are used more efficiently A) Yes, I understand this from the notes. B) No, I don't understand this from the notes. C) No, I don't understand this, as I have not read the notes. D) None of above. Show Answer Correct Answer: A) Yes, I understand this from the notes. 20. The establishment or purchase of an enterprise by a foreigner A) Currency Depreciation. B) Foreign Direct Investment. C) Fair Trade. D) Trade Surplus. Show Answer Correct Answer: B) Foreign Direct Investment. ← 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