This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 193 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 193 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which country is not a part of ASEAN? A) Vietnam. B) Philippines. C) Indonesia. D) Russia. Show Answer Correct Answer: D) Russia. 2. It is the existence and affordability of a communication and transportation network A) CONNECTIVITY. B) CONNECTION. C) INTERDEPENDENCE. D) ECONOMIC INTERDEPENDENCE. Show Answer Correct Answer: A) CONNECTIVITY. 3. Aggregate productivity is a key determinant of the nation's ( ). A) Standard of living. B) Way of living. C) Living quality. D) Production quality. Show Answer Correct Answer: A) Standard of living. 4. England, France, Belgium and 12 other countries belong to a trading bloc called the ..... Union. A) Foreign. B) European. C) Trade. D) Joint. Show Answer Correct Answer: B) European. 5. Mercantilism is an economic theory that advocates government regulation of international trade to generate wealth and strengthen national power A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 6. How has international trade increased the quality and productivity of manufacturing as stated in the presentation? A) Higher rate of imports. B) Competition with other countries. C) Increased manufacturing budgets. D) Lower rate of error. Show Answer Correct Answer: B) Competition with other countries. 7. What is not a method the USA carries out foreign policy? A) Appointing ambassadors. B) Treaties. C) Trade. D) Alliances. Show Answer Correct Answer: D) Alliances. 8. Globalisation is good because of an ..... in standard of living, but is bad because there is a ..... in local cultures and traditions A) Increase / decrease. B) Decrease / increase. C) Increase / increase. D) Decrease / decrease. Show Answer Correct Answer: A) Increase / decrease. 9. Labourers are less mobile between countries. A) Monetary units or currency. B) Immobility of factors of production. C) Availability of natural resources. D) None of above. Show Answer Correct Answer: B) Immobility of factors of production. 10. The condition that exists when someone can produce a good or service at a lower opportunity cost than someone else. A) Absolute Advantage. B) Comparative Advantage. Show Answer Correct Answer: B) Comparative Advantage. 11. What is the purpose of NAFTA? A) To increase trade between the countries of North America. B) To help Canada become a more independent nation. C) To eliminate the environmental issues between the nations involved. D) None of above. Show Answer Correct Answer: A) To increase trade between the countries of North America. 12. Other countries can undermine unilateral trade sanctions. A) True. B) False. Show Answer Correct Answer: A) True. 13. Assume that the terms from trade are 1.5 coffee for 1 tea. Who benefits from this trade? A) Peru. B) Colombia. C) Neither. D) Both. Show Answer Correct Answer: D) Both. 14. A vendor of parts or services for another company A) Purchasing. B) Carrier. C) Supplier. D) None of above. Show Answer Correct Answer: C) Supplier. 15. Which of the following describes a "favorable balance of trade" ? A) The value of imports > value of exports. B) US gold reserves are decreasing. C) The price of american goods goes up. D) None of above. Show Answer Correct Answer: A) The value of imports > value of exports. 16. What is the purpose of promotional techniques in different countries? A) To use the same promotional techniques in all countries. B) To impose Western culture on other countries. C) To adapt to local cultures. D) To ignore local cultures. Show Answer Correct Answer: C) To adapt to local cultures. 17. What has historically played a major role in the economic development of the Australian economy? A) Trade and foreign investment. B) Domestic production only. C) Government subsidies. D) Labor unions. Show Answer Correct Answer: A) Trade and foreign investment. 18. What reduces the tendency toward specialization? A) Existence of Two Factor of Production. B) Existence of Three Factor of Production. C) Existence of Four Factor of Production. D) All options are correct. Show Answer Correct Answer: D) All options are correct. 19. The financial risks are generally intimately connected to the structure of the ..... A) Terms of payment. B) Transportation route. C) Procedures. D) Competitive situation. Show Answer Correct Answer: A) Terms of payment. 20. What happens when a country's currency appreciates? A) Imports become cheaper and exports become more expensive. B) Imports become more expensive and exports become cheaper. C) Both imports and exports become cheaper. D) Both imports and exports become more expensive. Show Answer Correct Answer: A) Imports become cheaper and exports become more expensive. ← 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