This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 188 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 188 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The forms of non-tariff barriers in the customs sector are: A) Customs valuation policy. B) Import licensing. C) Terms of origin of goods. D) All true. Show Answer Correct Answer: D) All true. 2. Any law passed to limit free trade between nations is called a trade A) Embargo. B) Embargo. C) Cartel. D) Barrier. Show Answer Correct Answer: D) Barrier. 3. Scenario:Chuck Praeger, Global EntrepreneurChuck Praeger has made a name for himself by selling high-quality golf equipment to customers in Europe. He would like to expand his business into the Pacific Rim countries and has therefore, begun making inquiries into potential distributors.Chuck is convinced that his golf equipment will sell itself. But he is preparing a special presentation for Asian customers because he wants to make a good first impression. As an expert in culture of the Pacific Rim countries, which of the following would be your most likely advice to Chuck? A) Be sure to have a tight legal contract ready, to avoid product piracy problems. B) Aggressive salesmanship is unlikely to work in Pacific Rim countries. C) Have plenty of English-language business cards to pass around because most Asians know English and like the language. D) Avoid the confusion introduced by third-party contacts. Show Answer Correct Answer: B) Aggressive salesmanship is unlikely to work in Pacific Rim countries. 4. Which of the following is likely to occurfollowing the depreciation of the United Statesdollar? A) United States imports will increase. B) United States exports will increase. C) Demand for the United States dollarwill decrease. D) United States demand for foreigncurrencies will increase. E) United States goods will become moreexpensive in foreign markets. Show Answer Correct Answer: B) United States exports will increase. 5. The part of a sales contract that defines who is responsible for paying for the financial protection of the goods in case of loss during shipment is A) Claim. B) Warranty. C) Insurance. D) Arbitration. Show Answer Correct Answer: C) Insurance. 6. Which countries are not making progress in using non-renewables and in reducing pollution? A) Those countries in the early stages of industrialization. B) Those countries in the highly developed stages of industrialization. C) Those countries that have strong, wealthy economies. D) Those countries that have bypassed the five stages of economic growth. Show Answer Correct Answer: A) Those countries in the early stages of industrialization. 7. One of the many goods exported by Indonesia from the industrial sector is ..... A) Building material. B) Mobile. C) Television. D) Textiles. Show Answer Correct Answer: D) Textiles. 8. Taxes on imports which are levied specifically to raise money are called A) Revenue tariffs. B) Revenue embargoes. C) Revenue embargoes. D) Protective embargoes. Show Answer Correct Answer: A) Revenue tariffs. 9. Who would say the following? "Industries could become too reliant on government protections and not want to give them up." A) Protectionist. B) Free Trader. Show Answer Correct Answer: B) Free Trader. 10. When the US places higher tariffs on imported cars, what happens? A) SUPPLY DECREASES BECAUSE OF THE HIGHER COST OF PRODUCTION FOR THE FOREIGN PRODUCER. B) Wrong answer. C) Wrong answer. D) None of above. Show Answer Correct Answer: A) SUPPLY DECREASES BECAUSE OF THE HIGHER COST OF PRODUCTION FOR THE FOREIGN PRODUCER. 11. A tax imposed on imported goods: A) Tariff. B) Quota. C) Embargo. D) Boycott. Show Answer Correct Answer: A) Tariff. 12. What does the theory of comparative advantage assume about technological advancements? A) It assumes that every country should specialize in producing the good with the lowest opportunity cost. B) It assumes that countries produce identical goods. C) It assumes that everyone has the same knowledge of prices and quantities in the market at the same time. D) It assumes that technology remains constant. Show Answer Correct Answer: D) It assumes that technology remains constant. 13. Copyright laws are supposed to protect ..... a creation whose source is someone's intellect, rather than physical property. A) Intellectual knowledge. B) Intellectual property. C) Intellectual information. D) Telecommunications. Show Answer Correct Answer: B) Intellectual property. 14. Other goes over is used for A) Output questions. B) Input questions. Show Answer Correct Answer: A) Output questions. 15. History and experience have shown that economies become most efficient at converting resources into desired products when there is A) Government market regulation. B) Strong armies. C) Competition. D) Democratic governments. Show Answer Correct Answer: A) Government market regulation. 16. Refer to the cost advantage experienced by a firm when it increases its level of output A) Economies of scale. B) Internal economies of scale. C) External economies of scale. D) Perfectly competitive market. Show Answer Correct Answer: A) Economies of scale. 17. What is the challenge for policymakers regarding international trade? A) To create barriers to international trade. B) To maximize exports and minimize imports. C) To assist those who have been disadvantaged with support and training for new jobs. D) To judge a country's power by how much gold it can amass. Show Answer Correct Answer: C) To assist those who have been disadvantaged with support and training for new jobs. 18. WHAT ARE THE NEGATIVE IMPACT OF TARIFFS A) LOWER PRICES. B) MORE CHOICE. C) LACK OF DOMESTIC INNOVATION. D) GREATER CHOICE. Show Answer Correct Answer: C) LACK OF DOMESTIC INNOVATION. 19. Bank charges are often divided into the following groups:except A) Standard fees for specified services. B) Payment charges. C) Handling charges. D) Risk commissions. E) Insurance premium. Show Answer Correct Answer: E) Insurance premium. 20. According to Heckscher-Ohlin theorem, international trade is determined by A) Relative factor endowments. B) Comparative advantage. C) The existence of trade barriers. D) Consumer preferences. Show Answer Correct Answer: A) Relative factor endowments. ← 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