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International Trade Quiz 172 (20 MCQs)

Quiz Instructions

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1. An example of the role of government households when they become consumers is .....
2. In domestic transactions, the buyer can often obtain possession of the merchandise without signing a formal document acknowledging his or her obligation to pay.
3. What is the term for the difference between the value of exported goods and the value of importedgoods?
4. ..... generally gives a pleasing get up to his shops
5. Artemis gives us a good price on this because they are our ..... suppliers.
6. Free Market Economy is true for which of the following?
7. Most of the world merchandise trade is composed of trade in .....
8. Commodities that aren't essential and urgent but provide comfortability and satisfaction to human life.
9. Sell a good or service to another country.
10. If a nation limits the import of goods such as clothing, using various trade restrictions, who will benefit?
11. If goods are exchanged with the in the country then it is called.
12. What are events or issues that a government addresses within it's own country?
13. Value of all goods and services exported from a country minus the value of all goods and services imported from outside the country.
14. Example:In 1963, President Kennedy issued sanctions, which prohibited all trade with Cuba.
15. Who is the US's biggest trade partner?
16. What is most likely to discourage international specialisation and trade for an economy?
17. Smith's absolute cost advantage failed to explore in any comprehensive manner the ..... between two or more countries.
18. To focus on producing one thing to improve opportunity costs and efficiency is known as:
19. The headquarters of WTO is at .....
20. The price at which a currency can be bought or sold is its
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