This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 163 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 163 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A formal agreement to cooperate together towards a common goal is A) Organization. B) Alliance. C) Abbreviation. D) None of above. Show Answer Correct Answer: B) Alliance. 2. Could we reach a ..... on this matter? Let's take a vote. A) Agreement. B) Consensus. C) Compliance. D) Negotiation. Show Answer Correct Answer: B) Consensus. 3. An exchange of internally produced good and services within a country. A) Domestic Trade. B) International Trade. C) Home Trade. D) Wholesale Trade. Show Answer Correct Answer: A) Domestic Trade. 4. Prototype A) Daredevil. B) Bargaining. C) Basic form. D) Gift. Show Answer Correct Answer: C) Basic form. 5. The amount of one country's currency that is equal to one unit of another country's currency. A) Barriers to trade. B) Subsidies. C) Protectionism. D) Exchange rate. Show Answer Correct Answer: D) Exchange rate. 6. A theory which is based on opportunity cost. A) Mercantilism. B) Absolute advantage. C) Comparative advantage. D) Factor proportions. Show Answer Correct Answer: C) Comparative advantage. 7. International trade does not help provide more jobs to people. A) True. B) False. Show Answer Correct Answer: B) False. 8. What is capital? A) Trade. B) Market. C) Investments. D) Money. Show Answer Correct Answer: D) Money. 9. Which of the statements below does NOT support a free trade policy? A) Countries can specialize in goods and services to produce them at a lower cost at a higher quality. B) It allows companies in both countries to succeed and grow their economy without unnecessary competition. C) Improves diplomatic relations between countries. D) Helps prevent other countries from interfering in our economy. Show Answer Correct Answer: D) Helps prevent other countries from interfering in our economy. 10. What is the impact of investments on a nation's balance of payments? A) Capital enters the country, enabling imports and economic growth. B) Capital leaves the country, causing trade deficits and economic decline. C) Capital has no impact on the balance of payments. D) Capital only affects the financial markets. Show Answer Correct Answer: A) Capital enters the country, enabling imports and economic growth. 11. ....., according to Smith, promotes international division of labour. A) Restrictive trade. B) Free trade. C) Modern trade. D) Protectionist trade. Show Answer Correct Answer: B) Free trade. 12. The North American Free Trade Agreement proposed free trade between the United States and A) Central American countries. B) Brazil and Mexico. C) The European Union. D) Canada and Mexico. Show Answer Correct Answer: D) Canada and Mexico. 13. Which of the following is an advantage of international trade? A) Countries can become self-sufficient and don't have to rely on other countries. B) Countries can specialize in producing goods or services they are good at. C) Countries can show off their power and strength. D) None of above. Show Answer Correct Answer: B) Countries can specialize in producing goods or services they are good at. 14. International trade contributes and increases the world ..... A) Population. B) Inflation. C) Economy. D) Trade Barriers. Show Answer Correct Answer: C) Economy. 15. Who should import capes? A) Camelot. B) Avalon. Show Answer Correct Answer: B) Avalon. 16. What role does the transportation and logistics industry play in international trade and commerce? A) Marketing and advertising. B) Restaurant services. C) Legal consultation. D) Connecting buyers and sellers. Show Answer Correct Answer: D) Connecting buyers and sellers. 17. Which of the following is not types of protectionism? A) Tariff. B) Trade. C) Exchange Controls. D) Voluntary Export Restraints. Show Answer Correct Answer: B) Trade. 18. Which calculation is used for working out the exchange rate in Pounds? A) Exchange rate + Currency = Pounds. B) Currency / Exchange rate = Pounds. C) Pound x Pound = Euro. D) Pound X Currency = Euro. Show Answer Correct Answer: B) Currency / Exchange rate = Pounds. 19. More international trade has made the world's countries more ..... A) Isolated. B) Interdependent. C) Independent. D) None of above. Show Answer Correct Answer: B) Interdependent. 20. The most exported good in Viet Nam in 2019? A) Oil. B) Electrical machinery. C) Industrial machinery. D) Footwear. Show Answer Correct Answer: B) Electrical machinery. ← 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