This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 181 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 181 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is NOT an advantage of importing goods? A) The option to produce specialized domestic goods. B) Protection of domestic jobs. C) Lower prices. D) Wider variety of goods. Show Answer Correct Answer: B) Protection of domestic jobs. 2. Withdrawals A) Key Takeaways. B) Undercuts. C) Outweigh. D) Withdraw. Show Answer Correct Answer: D) Withdraw. 3. What is the potential impact of international trade on global environmental issues? A) International trade has no influence on global environmental issues. B) International trade can lead to the exchange of environmentally friendly technologies, encourage sustainable practices, and create economic incentives for environmental protection. C) International trade results in increased pollution and resource depletion. D) International trade has no correlation with environmental protection. Show Answer Correct Answer: B) International trade can lead to the exchange of environmentally friendly technologies, encourage sustainable practices, and create economic incentives for environmental protection. 4. What is meant by non-tariff trade barriers? A) Import duties must be paid by the importer. B) Quota restrictions on the amount of imports. C) Technical regulations and standards. D) Security restrictions in trading. Show Answer Correct Answer: C) Technical regulations and standards. 5. How much did world trade volume increase from 1990 to 2015? A) 5.5 times. B) 4.5 times. C) 3.5 times. D) 2.5 times. Show Answer Correct Answer: A) 5.5 times. 6. Efforts to develop economic activities based on innovative ideas and concepts of individual people in society are called..... A) Creative industry. B) Creative economy. C) Creative products. D) Creative energy. Show Answer Correct Answer: B) Creative economy. 7. Natural trade and free trade are the same A) True. B) False. Show Answer Correct Answer: B) False. 8. *Settles international trade disputes using mediation*Reduces trade barriers world-wide ..... A) WTO. B) MFN. C) USDA. D) NAFTA. Show Answer Correct Answer: A) WTO. 9. Complete:Greg ..... with the eBay seller and ended up saving $ 15 off the price of the guitar. A) Miss out. B) Split the difference. C) Lemon. D) Haggled. Show Answer Correct Answer: D) Haggled. 10. Which of the following is proof that international trade is beneficial? A) The concept of absolute advantage. B) The concept of comparative advantage. C) The fact that free nations choose to trade. D) The fact that different regions in the United States specialize in economic activities. Show Answer Correct Answer: C) The fact that free nations choose to trade. 11. Which of the following is a part of capital account? A) Private capital. B) Banking capital. C) Official capital. D) All the above. Show Answer Correct Answer: D) All the above. 12. Which of the following situations would most likely occur if the dollar's exchange value dropped in relation to the Japanese yen? A) US citizens would be able to travel to Japan more cheaply. B) Imported Japanese goods would become more expensive. C) The US would export fewer products to Japan. D) Fewer Japanese tourists would travel to the US. Show Answer Correct Answer: B) Imported Japanese goods would become more expensive. 13. Free trade agreement among Canada and the EFTA countries A) Canada-European Free Trade Association. B) Trade Bloc. C) Regional Trade Agreement. D) Multilateral Trade Agreement. Show Answer Correct Answer: A) Canada-European Free Trade Association. 14. A situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country A) Importation. B) Free Trade. C) Exportation. D) Economies of Scale. Show Answer Correct Answer: B) Free Trade. 15. The social rules and guidelines that prescribe appropriate behaviour in particular situations. A) Culture. B) Norms. C) Values. D) None of above. Show Answer Correct Answer: B) Norms. 16. ..... is a tax that a government places on certain imported products A) Tariff. B) Embargo. C) Quota. D) Deal. Show Answer Correct Answer: A) Tariff. 17. Exchanging one good or service for something else is called A) Produce. B) Trade. C) Import. D) Export. Show Answer Correct Answer: B) Trade. 18. When the government drafted regulations on tax rates, at that time the government played a role as ..... A) Regulator. B) Consumer. C) Distributor. D) Producer. Show Answer Correct Answer: A) Regulator. 19. What organization stabilizes conflicts between countries, while defending and consulting on the issues, through military support? A) NATO. B) OPEC. C) EU. D) NAFTA. Show Answer Correct Answer: A) NATO. 20. The primary flaw in the theory of absolute advantage is that the theory ..... A) Confuses the acquisition of treasure with the acquisition of wealth. B) Looks only at relative productivity differences rather than competitive differences. C) Suggests that no trade will occur when one country has an absolute advantage in multiple products. D) Incorporates the concept of opportunity cost in determining which goods a country should produce. Show Answer Correct Answer: C) Suggests that no trade will occur when one country has an absolute advantage in multiple products. ← 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