This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 27 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 27 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the difference between nations exports and imports? A) Balance of Trade. B) Real GDP. C) Comparative Advantage. D) Absolute Advantage. Show Answer Correct Answer: A) Balance of Trade. 2. Abigail is planning to study abroad and she needs to exchange her local currency for the currency of the country she's going to. She's wondering where she can do this. What is the market called where international currencies are bought and sold? A) Foreign exchange market:A market where international currencies are bought and sold. B) A market where goods and services are traded between countries. C) A market where labor and capital are exchanged. D) A market where natural resources are bought and sold. Show Answer Correct Answer: A) Foreign exchange market:A market where international currencies are bought and sold. 3. This department deals with complaints and faulty products A) Research and Development. B) Purchasing. C) Quality control. D) None of above. Show Answer Correct Answer: C) Quality control. 4. The firm that enters into a turnkey deal will have no long-term interest in the foreign country. A) True. B) False. Show Answer Correct Answer: A) True. 5. Import can be good if the government able to shift the market become more competitive by focusing on specific winning products. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 6. This agent helps importers and exporters move their goods through customs, prepare documents, assist with communications, and arrange payment of duties. A) TAXES BROKER. B) FREIGHT BROKER. C) CUSTOMS BROKER. D) None of above. Show Answer Correct Answer: C) CUSTOMS BROKER. 7. Countertrade A) Trade mark. B) Exchange. C) Countertrade. D) Counter purchase. Show Answer Correct Answer: C) Countertrade. 8. Read the following claim.Tariffs can weaken the relationships between countries.Which selection from the article BEST supports the claim above? A) The impact of a tariff depends on the size of the country that imposes it. B) Therefore, both countries' trade policies can have a significant impact on the price of cocoa on global markets. C) Finally, the amount of trade in the product between the countries would decrease. D) For a "large" country, the benefits of a tariff are mixed. Buyers within the country face higher prices. Show Answer Correct Answer: C) Finally, the amount of trade in the product between the countries would decrease. 9. Import is buying from abroad. A) True. B) False. Show Answer Correct Answer: A) True. 10. Which of the following is not a negative of international trade? A) External debt. B) Workers being exploited for their work. C) Investment being quickly taken away from LEDCS after a project is completed. D) An abundance of jobs in transport and trade. Show Answer Correct Answer: D) An abundance of jobs in transport and trade. 11. Pepsi is an example of ..... A) Franchising. B) Licensing. C) Import. D) Export. Show Answer Correct Answer: B) Licensing. 12. If the U.S. government disagrees with a foreign country's policies and wants to prevent trading with that country, the MOST effective action the U.S. government can take is to A) Place high tariffs on all goods from that country. B) Place an embargo on all goods from that country. C) Enforce safety standards on all goods from that country. D) Encourage a quota on all goods shipped from that country. Show Answer Correct Answer: B) Place an embargo on all goods from that country. 13. A non-tariff (or non monetary) barrier can include such things as ..... A) All are true. B) Requiring extensive documentation for imported goods, restricting the location available to receive the imported goods, or having unreasonable standards for imported goods. C) A voluntary export restriction (VER) is when foreign firms "voluntarily" agree to limit the amount of their exports to a particular country. The catch is that even though it was voluntary, it was done under the threat of mandatory barriers so it really was not done through free will. D) Export subsidies consist of government payments to a domestic producer of export goods and are designed to help that producer by reducing its production costs. This should enable the producer to compete more effectively against the imported goods . E) NTB. Show Answer Correct Answer: A) All are true. 14. List of contents A) List of contents. B) Packing list. C) Packing list. D) Item list. Show Answer Correct Answer: B) Packing list. 15. The current price of one currency in relation to another A) International Finance. B) Trade Failure. C) Currency. D) Exchange Rate. Show Answer Correct Answer: D) Exchange Rate. 16. Goods produced in one country, then shipped out to another region or country A) World Trade. B) Imports. C) Domestic Trade. D) Export. Show Answer Correct Answer: D) Export. 17. In our contemporary time, what type of goods make up the majority of share in world trade?. A) Manufactured Goods. B) Primary Goods. C) Agricultural Goods. D) Commercial Services. Show Answer Correct Answer: A) Manufactured Goods. 18. Contractual agreements between and among countries concerning their relationship A) International Trade Agreements. B) Protectionism. C) Flexible Exchange Rate. D) Fixed Exchange Rate. Show Answer Correct Answer: A) International Trade Agreements. 19. Which group is this?-Promote free trade through gradual reduction of tariffs.-Provide legal framework for negotiation of trade disputes.-fair competition will lead to a higher standard of living-committed to economic development. A) A. IMF. B) B. WTO. C) SKY. D) D. OIL. Show Answer Correct Answer: B) B. WTO. 20. "Nothing is agreed until everything is agreed" is a term used to emphasize..... A) Single Abovetaking. B) Single Undertaking. C) Single Overtaking. D) Single Match-making. Show Answer Correct Answer: B) Single Undertaking. ← 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