This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 52 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 52 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is most likely to happen if South Korea builds a factory in Switzerland that becomes profitable? A) South Korea's imports of goods will decrease. B) South Korea's investment income will increase. C) Switzerland's trade balance in goods will worsen. D) Switzerland's trade balance in services will improve. Show Answer Correct Answer: B) South Korea's investment income will increase. 2. Selling the same product and using the same promotion methods in all countries. A) Joint venture. B) Multinational. C) Mini-national. D) Globalization. Show Answer Correct Answer: D) Globalization. 3. It's a person or bussiness that helps to importers or exporters to move their goods through customs. A) Customs broker. B) Customs braker. Show Answer Correct Answer: A) Customs broker. 4. What is a major function of the WTO? A) To promote free trade. B) To lend money to developing countries. C) To lend money to any country that needs it. D) To help promote good economic policies for developing countries. Show Answer Correct Answer: A) To promote free trade. 5. Which conflict is usually more important in determining trade policies? A) Conflicts within Nations. B) Conflicts between Nations. C) Conflicts among Nations. D) Conflicts outside Nations. Show Answer Correct Answer: A) Conflicts within Nations. 6. Advantage on specialisation by country A) Less output. B) Global output and prosperity. C) Inferior output. D) More retention of workers. Show Answer Correct Answer: B) Global output and prosperity. 7. ..... the difference in value between a country's imports and exports. A) Appreciation. B) Balance of trade. C) Absolute advantage. D) Law of comparative advantage. Show Answer Correct Answer: B) Balance of trade. 8. Currency used in Mexico A) Exchange. B) Canadian Dollar. C) Weight. D) Exchange rate. E) Currency. Show Answer Correct Answer: C) Weight. 9. Can be a freight forwarder also who transfer the goods to main carriers for carriage. A) Importer. B) Shipper. C) Customs. D) Consignee. Show Answer Correct Answer: B) Shipper. 10. Discuss the role of trade agreements and treaties in promoting international trade. A) Trade agreements and treaties lead to increased trade barriers and regulations. B) Trade agreements and treaties only benefit one country at the expense of others. C) Trade agreements and treaties play a crucial role in promoting international trade by reducing trade barriers, providing a framework for trade rules and regulations, and creating a more predictable trading environment for businesses. D) Trade agreements and treaties have no impact on international trade. Show Answer Correct Answer: C) Trade agreements and treaties play a crucial role in promoting international trade by reducing trade barriers, providing a framework for trade rules and regulations, and creating a more predictable trading environment for businesses. 11. Carrier: A) Company which carries goods by road. B) Company which supplies parts or services to another company, also called vendor. 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) Company that transport or conveys goods. Show Answer Correct Answer: E) Company that transport or conveys goods. 12. What is the 1 main differences between a union and an alliance? A) Military backing/ support. B) Trade agreements. C) Foreign aid. D) Treaty. Show Answer Correct Answer: A) Military backing/ support. 13. What is import? A) The price of one nation's currency in terms of another nation's currency. B) The goods and services that one country buys from other countries. C) The good and services that is produces and sells to other nations. D) None of above. Show Answer Correct Answer: B) The goods and services that one country buys from other countries. 14. To a macroeconomist, a trade deficit is synonymous with which of the following? A) Outflow of financial capital. B) Outflow of goods and services. C) Inflow of financial capital. D) Inflow of goods and services. Show Answer Correct Answer: C) Inflow of financial capital. 15. Is there any disadvantage to a government placing a tariff on imported goods? A) No, it helps domestic consumers, firms, and workers. B) No, the only ones who suffer are the foreign firms. C) Yes, consumers must pay higher prices. D) Yes, consumers must pay higher taxes. Show Answer Correct Answer: A) No, it helps domestic consumers, firms, and workers. 16. The international agency that administers trade agreements and settle disputes. A) ASEAN Economic Community. B) World Trade Organization. C) European Economic Community. D) ASEAN Free Trade Area. Show Answer Correct Answer: B) World Trade Organization. 17. When Import exceeds the Export then the disequilibrium will be deficit A) True. B) False. Show Answer Correct Answer: A) True. 18. This document proves that a policy has been taken out for goods in transit A) Certificate of Origin. B) Insurance Certificate. C) Import Licence. D) Letters of Credit. Show Answer Correct Answer: B) Insurance Certificate. 19. The international trade organization consisting of over 160 member nations is called the A) G8. B) EU. C) APEC. D) WTO. Show Answer Correct Answer: D) WTO. 20. To ease shipping goods across borders, protecting the value of Innovation, creativity and branding A) Non tariff measures. B) Countervailing protection. C) Intellectual property protection. D) Special taxes and duties. Show Answer Correct Answer: C) Intellectual property protection. ← 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