This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 198 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 198 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The relationship between customers and suppliers as..... A) Development of new services. B) Core process. C) Product development. D) Order fulfillment. Show Answer Correct Answer: D) Order fulfillment. 2. Which of these factors have influenced globalisation? A) High taxes and investment restrictions. B) Communication systems and the internet. C) Poor standard of living and unemployment. D) None of above. Show Answer Correct Answer: B) Communication systems and the internet. 3. President Trump has enacted tariffs against China and a lot of people worried that China might retaliate and enact tariffs against the U.S. What is this event called? A) A trade war. B) A misallocation of recources. C) A national security issue. D) A loss of domestic jobs. Show Answer Correct Answer: A) A trade war. 4. What might cause the balance on the current account of Mauritius to improve? A increased purchases of coffee from Kenya B increased transport of Mauritian goods in Greek ships C increased spending by Mauritians on holidays in South Africa D increased spending by tourists in Mauritian hotels A) A. B) B. C) C. D) D. Show Answer Correct Answer: D) D. 5. Who should export brooms? A) Ravenclaw. B) Gryffindor. Show Answer Correct Answer: A) Ravenclaw. 6. Domestic industries may be hurt by trade and some industries may need to be maintained even if they are not cost effective for reasons such as national security or defense. A) True. B) False. Show Answer Correct Answer: A) True. 7. Organizational structures that are widely used in various organizations include..... A) Hierarchy. B) Functional. C) Dysfunctional. D) Departmental. Show Answer Correct Answer: B) Functional. 8. Who must sign a Bill of Lading? A) The captain of the vessel. B) The agent of the vessel. C) The owner of the vessel. D) Any of the mentioned in the other answers. Show Answer Correct Answer: D) Any of the mentioned in the other answers. 9. With respect to the national saving and investment identity for any country, the quantity of ..... at any given time by savings must ..... for purposes of making investments. A) Foreign aid supplied; be lower than the quantity of domestic aid demanded. B) Foreign financial capital imports; equal to supply of domestic capital available. C) Foreign capital imports; less than the supply of domestic capital available. D) Financial capital supplied; equal the quantity of capital financial demanded. Show Answer Correct Answer: D) Financial capital supplied; equal the quantity of capital financial demanded. 10. A U.S. tariff on the import of sugar means that domestic producers of sugar A) Sell more and have a higher revenue. B) Sell more but have a lower revenue. C) Sell less but have a higher revenue. D) Sell less and have a lower revenue. Show Answer Correct Answer: A) Sell more and have a higher revenue. 11. A trade agreement between 27 countries, using the same currency and allows open trade between those nations. A) NAFTA. B) EU. C) WTO. D) ABC. Show Answer Correct Answer: B) EU. 12. What invention significantly reduced the time and cost of moving cargo, contributing to the acceleration of international trade? A) Canals. B) Containerization. C) Steam engines. D) Sailing ships. Show Answer Correct Answer: B) Containerization. 13. Combinations of output that the economy can possibly produce A) Production possibilities frontier. B) Finished Product. C) Total Output. D) Factor endowments. Show Answer Correct Answer: A) Production possibilities frontier. 14. When was liberalization started? A) 19th Century. B) 18th Century. C) 17th Century. D) 16th Century. Show Answer Correct Answer: A) 19th Century. 15. Cash grant is an example of a subsidy. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 16. An Open Economy is one where A) There is a restriction on buying and selling of goods. B) Where a country engages in international trade. C) Consumers will be given less choice. D) Where we have visible but not invisible trade. Show Answer Correct Answer: B) Where a country engages in international trade. 17. Tariffs are unambiguously pro-consumer and anti-producer. A) True. B) False. Show Answer Correct Answer: B) False. 18. What do teachers, doctors, tradesmen, miners, and farmers all have in common? A) They are all unemployed. B) They have no impact on the economy. C) They are all generalists in their respective fields. D) They are all specialists in their respective fields. Show Answer Correct Answer: D) They are all specialists in their respective fields. 19. Which theory considers bullion as a part of the international trade A) Modern theory of trade. B) Factor equalization theorem. C) Comparative cost advantage theory. D) Mercantilism. Show Answer Correct Answer: B) Factor equalization theorem. 20. An advantage of international trade:International trade can also expose firms to new ideas and skills-for example, an MNC might bring new manufacturing skills to a developing country. A) Yes, I understand this from the notes. B) No, I don't understand this from the notes. C) No, I don't understand this, as I have not read the notes. D) None of above. Show Answer Correct Answer: A) Yes, I understand this from the notes. ← 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