This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 39 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 39 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following do International Trade laws tend to include? A) Service-Based regulations. B) Supply& Demand-based regulations. C) Supervision Management regulations. D) Tariff-Based regulations. Show Answer Correct Answer: D) Tariff-Based regulations. 2. The GATT design under the Us-led trade regime caused: A) More universal binding rules. B) Higher tariffs. C) Adjustment programs for workers and firms. D) None of above. Show Answer Correct Answer: A) More universal binding rules. 3. Efforts to resolve disputes between WTO member countries through a bilateral consultation process can be implemented through..... A) Mutually Beneficial Solutions. B) Mutually Agreed Solution. C) Mutual Agreed Mechanism. D) Mutual Beneficial Mechanism. Show Answer Correct Answer: B) Mutually Agreed Solution. 4. Which of the following are weak due to the lack of human and financial resources? A) Statistical Data. B) US African Data. C) Universal Data. D) African Statistical Systems. Show Answer Correct Answer: D) African Statistical Systems. 5. Agreements between two countries are known as? A) Multilateral. B) Tariffs. C) Bilateral. D) Free Trade Agreement. Show Answer Correct Answer: C) Bilateral. 6. Countries have different rates of productivity due to their natural resources, climate, technology, labor costs, and other factors. This represents the country's comparative advantage. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 7. This theory emerged in the 1980s and was based on the work of economists Paul Krugman and Kevin Lancaster. A) Product Life Cycle Theory. B) Heckscher-Ohlin Theory. C) Global Strategic Rivalry Theory. D) Leontief Paradox. Show Answer Correct Answer: C) Global Strategic Rivalry Theory. 8. Helps young domestic businesses across borders A) Protectionism. B) Free Trade. Show Answer Correct Answer: A) Protectionism. 9. Money that is used within a specific area or country A) Exchange. B) Currency. C) Euro. D) Eurozone. E) Exchange rate. Show Answer Correct Answer: B) Currency. 10. What is the flexible rate of exchange? A) A system where the value of a currency is determined by the balance of trade. B) A system where the currency of one nation is fixed in relation to other currencies. C) A system where the exchange rate for currency changes based on supply and demand. D) A system where the value of a currency is determined by the price of gold. Show Answer Correct Answer: C) A system where the exchange rate for currency changes based on supply and demand. 11. Which country is NOT the member of NAFTA? A) USA. B) MEXICO. C) CANADA. D) BRAZIL. Show Answer Correct Answer: D) BRAZIL. 12. If the Fed has low reserve requirements for banks that will A) Lower the money supply. B) Increase the money supply. Show Answer Correct Answer: B) Increase the money supply. 13. Command economy is different from market economy where ..... determines what to produce, how to produce and for whom to produce. A) Individuals. B) Households. C) Government. D) Firms. Show Answer Correct Answer: C) Government. 14. Once a currency is established, it stays the same and never changes. A) True. B) False. Show Answer Correct Answer: B) False. 15. Free Traders advocate for: A) Restricting international trade. B) Protecting domestic industries. C) Unrestricted international trade. D) Implementing quotas on imports. Show Answer Correct Answer: C) Unrestricted international trade. 16. These are abstract ideas about what a group believes to be good, right, and desirable. A) Norms. B) Values. C) Culture. D) None of above. Show Answer Correct Answer: B) Values. 17. Which economic theory and political ideology is opposed to free trade and believes that each state must protect its own interests without seeking mutual gains through international organizations? A) Dumping. B) Protectionism. C) Economic liberalism. D) Mercantilism. Show Answer Correct Answer: D) Mercantilism. 18. Trade agreements are made to help ..... the abiltiy to trade with other countries: A) Ease. B) Hinder. Show Answer Correct Answer: A) Ease. 19. The ..... lists the goods being carried and must remain with the merchandise at all times. A) Letter of credit. B) Bill of lading. Show Answer Correct Answer: B) Bill of lading. 20. If the United States has a balance of trade deficit, it means that A) The U.S. imports more products from China than it exports to China. B) The U.S. exports more products to China than it imports from China. C) U.S. dollars are more valuable in China than the Chinese currency is in the U.S. D) American companies are investing more in their operations in China than China is investing in the United States. Show Answer Correct Answer: A) The U.S. imports more products from China than it exports to China. ← 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