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International Trade Quiz 185 (20 MCQs)

Quiz Instructions

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1. Tax on imported goods is known as
2. Which country is the largest IMPORTER?
3. Serving as the focal point, coordination centre and think tank for the nation's automotive industry
4. Which two of the following arguments are most likely to be used to justify protectionism?a) To protect high cost domestic industriesb) To protect strategically important industriesc) To protect industries which are still immatured) To maximize government tax revenuee) To protect environmental standards
5. If a country wanted to implement a barrier to trade that would help its producers AND consumers, which option would be best?
6. When imports are greater than exports
7. Which of the following is not part of the arguments about trade protection?
8. An official document issued by a government, certifying the holder's identity and citizenship and entitling them to travel under its protection to and from foreign countries.
9. Which concept explains why countries specialize in producing goods they have a lower opportunity cost for?
10. Permitting another party in a foreigncountry to produce and sell goodsunder your trademarks, patents orcopy rights in terms of goods .....
11. Papers and documents that companies must send to customers with their products to legally export or import goods are called:
12. Why do economists generally advise against using trade barriers?
13. What is the exchange rate when William exchanges his US dollars for euros?
14. ..... usually purchases on cash and sells on credit
15. Which of the following was NOT included in the original six members of the European Community?
16. Given that:In the production of 1 ton desiccated coconut, the Philippines uses 50 units of resources, and Sri Lanka uses 65 units of resources. In the production of 1 ton of tea, the Philippines uses 75 units of resources, and Sri Lanka uses 40 units of resources. In what products each country has absolute advantage on?
17. Goods intended for final use by customers rather than businesses are known as:
18. Which of the following results is NOT a way that trade can benefit all parties involved?
19. What benefit does international trade have on economic growth?
20. What is the first basic reason why countries trade with each other?
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