This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 157 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 157 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Other than economic benefits from international trade, countries also transform their social and cultural practices. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 2. What is SAD? A) An Important Company. B) A certificate for travelers. C) Export and Import agencies. D) A document that facilitates the international trade. Show Answer Correct Answer: D) A document that facilitates the international trade. 3. When did CITES go into effect? A) 1963. B) 1975. C) 1973. D) 1985. Show Answer Correct Answer: B) 1975. 4. The condition of a shortage of skilled workers in a country so that it is unable to produce high quality and cheap goods is one of the drivers of international trade due to..... A) Differences in wages and production costs. B) Differences in the quality of human resources. C) Cultural differences of a nation. D) Differences in natural resources. Show Answer Correct Answer: B) Differences in the quality of human resources. 5. The advancement of social media platforms impacts time-space convergence by (a). A) Reducing communication across borders. B) Increasing travel times. C) Enabling instantaneous global communication. D) None of above. Show Answer Correct Answer: C) Enabling instantaneous global communication. 6. What has trade formed within all countries? A) Global interdependence. B) Tariffs. C) Quotas. D) Comparative advantage. Show Answer Correct Answer: A) Global interdependence. 7. A disadvantage of international trade:Currency exchanges when trading abroad can carry costs, potentially resulting in financial losses. 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. 8. Most rural residents urbanize to cities because of the ease of transportation in the hope of getting better jobs than those from their areas of origin. This phenomenon is an example of the problem..... A) Population distribution. B) Population migration. C) Population growth. D) Unemployment rate. Show Answer Correct Answer: B) Population migration. 9. What is not the key change in global trade? A) Manufacturing trade has dominated. B) Service trade is decreasing. C) High-tech exports is increasing. D) Intermediate goods trade is high. Show Answer Correct Answer: B) Service trade is decreasing. 10. Documentary collection also called ..... A) Documentary credit. B) Cheque payment. C) Bank collection. D) Letter of credit. Show Answer Correct Answer: C) Bank collection. 11. A refusal to trade with a country; imposition of economic sanctions A) Tariff. B) Quota. C) Embargo. D) Subsidy. E) Standard. Show Answer Correct Answer: C) Embargo. 12. In recruitment, attention must be paid to the suitability between..... A) Individual abilities and job requirements. B) Individual needs and work culture. C) Individuals and co-workers. D) The capabilities of the individual and the company that pays them. Show Answer Correct Answer: A) Individual abilities and job requirements. 13. Which country exports (sells to other countries) the most to other nations? A) China. B) US. C) Japan. D) None of above. Show Answer Correct Answer: A) China. 14. Who supports the need to protect domestic industries? A) Free Traders. B) Protectionists. C) The Fed. D) Consumers. Show Answer Correct Answer: B) Protectionists. 15. What does GATT stand for? A) General Association on Trade and Tariffs. B) Global Agreement on Trade and Tariffs. C) General Agreement on Tariffs and Trade. D) Global Association of Trade and Tariffs. Show Answer Correct Answer: C) General Agreement on Tariffs and Trade. 16. The standard rules of reference for the interpretation of the most commonly used trade terms in international trade are ....., issued by the ..... A) Incoterms (International Commercial Terms), International Chamber of Commerce (ICC). B) International Chamber of Commerce (ICC), Incoterms (International Commercial Terms). Show Answer Correct Answer: A) Incoterms (International Commercial Terms), International Chamber of Commerce (ICC). 17. Which is not an advantage of int. trade: A) Export of surplus production. B) Import of defence material. C) Dependence on foreign countries. D) Availability of cheap raw material. Show Answer Correct Answer: C) Dependence on foreign countries. 18. This occurs when people, regions, or nations produce a narrower range of goods and services than they consume. A) Domestic goods. B) Exchange. C) Specialization. D) Import. Show Answer Correct Answer: C) Specialization. 19. A midsize or smaller company that has operations in foreign countries. A) International trade. B) Globalization. C) Mini-national. D) Multinational. Show Answer Correct Answer: D) Multinational. 20. Mass production is the production of small quantities. A) True. B) False. Show Answer Correct Answer: B) False. ← 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