This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 33 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 33 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A situation where a company may be involved in a business transaction, other countries, in general, attempts to market the production to another country. A) International Trade. B) Free Trade. C) International Business Growth. D) International Marketing. Show Answer Correct Answer: D) International Marketing. 2. When exports exceed imports, there is a trade ..... in the economy. A) Surplus. B) Deficit. C) Discrepancy. D) None of above. Show Answer Correct Answer: A) Surplus. 3. One of the following is NOT a protectionist measure: A) Dumping. B) Tariffs and quotas. C) Anti-dumping duties. D) Subsidies for domestic economies. Show Answer Correct Answer: A) Dumping. 4. If a country is an importer, quantity demanded can be found where the A) Supply curve is tangent to the production possibility frontier. B) Demand curve crosses the x-axis. C) Demand curve intersects the world price. D) Demand curve intersects the supply curve. E) Supply curve intersects the world price. Show Answer Correct Answer: C) Demand curve intersects the world price. 5. The United States currently has this type of trading agreement with North Korea.What is this an example of? A) Tariff. B) Quota. C) Embargo. D) None of above. Show Answer Correct Answer: C) Embargo. 6. Who has the comparative advantage in Food? A) Gamma. B) Neither. C) Omega. D) Both. Show Answer Correct Answer: C) Omega. 7. One of the benefits of free trade is that it ..... A) Supports friendly governments. B) Raises standard of living. C) Ends homelessness. D) Reduces shipping. Show Answer Correct Answer: B) Raises standard of living. 8. Unit price A) Unit price. B) Unit cost. C) Item expense. D) Item cost. Show Answer Correct Answer: A) Unit price. 9. The following is an activity that causes a country's foreign exchange to increase ..... A) Providing foreign loans. B) Exporting goods abroad. C) Selling goods in the country (domestic). D) Finance the ambassadors abroad. Show Answer Correct Answer: B) Exporting goods abroad. 10. How is a country most likely to reduce imports? A) Revenue tariff. B) Import quota. C) Export quota. D) None of above. Show Answer Correct Answer: B) Import quota. 11. To join the Eurozone, a country must ..... A) Meet the financial criteria. B) Accept all shipping requests. C) Build a border around your country. D) Move the county's capital. Show Answer Correct Answer: A) Meet the financial criteria. 12. It includes the investment of available funds in foreign companies to get returns. A) Import. B) Export. C) Foreign Investment. D) Foreign. Show Answer Correct Answer: C) Foreign Investment. 13. What is more likely to result from rather than cause economic development? A a depletion of non-renewable resources B a move towards free trade C a stable political and legal system D more private and less public sector activity A) A. B) B. C) C. D) D. Show Answer Correct Answer: A) A. 14. Why do businesses often opt to trade in developed countries? A) Lower labour costs. B) High Sales potential. C) Risk of political instability. D) Cultural differences. Show Answer Correct Answer: B) High Sales potential. 15. In 1987, the United Nations General Assembly passed a resolution that prohibited countries from buying oil from South America. This was done to persuade South Africa to end the racist policies of apartheid. What is this an example of? A) Embargo. B) Quota. C) Standard. D) Tariff. Show Answer Correct Answer: A) Embargo. 16. Consignee: A) Company which carries goods by road. B) Person or business that arranges documentation and travel facilities for companies dispatching goods to customers. C) Company which specializes in the speedy and secure delivery of small goods and packages. D) Person or business that arranges documentation and travel facilities for companies dispatching goods to customers. E) Person or name in a freight contract to whom goods have been shipped or turned over for care. Show Answer Correct Answer: E) Person or name in a freight contract to whom goods have been shipped or turned over for care. 17. The difference in value between exports and imports of a nation. A) Infrastructure. B) Balance of trade. C) International trade. D) Joint venture. Show Answer Correct Answer: B) Balance of trade. 18. Haggle A) Bargaining. B) Daredevil. C) Essence. D) Back and forth. Show Answer Correct Answer: A) Bargaining. 19. It introduces opportunity cost as a factor for analysis in choosing between different options for production. A) Absolute Advantage. B) Comparative Advantage. C) Leontief Paradox. D) Mercantilism. Show Answer Correct Answer: B) Comparative Advantage. 20. The following is an example of the creation of technology transfer due to international trade ..... A) Providing training for energy-efficient car technicians imported from Japan. B) The implementation of rice imports in order to meet domestic needs. C) Exports of agricultural products to countries experiencing shortages of agricultural products. D) Japanese-made automotive products are in great demand in Indonesia because Japan is able to produce good quality automotive products at relatively low costs. Show Answer Correct Answer: A) Providing training for energy-efficient car technicians imported from Japan. ← 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