This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 67 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 67 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is the best synonym for infant in the economic term infant industries argument? A) Youthful. B) Traditional. C) Dependent. D) Emerging. Show Answer Correct Answer: D) Emerging. 2. An association of 12 member nations of southeast Asia to promote economic growth, free trade and economic collaboration between member nations. A) ASEAN. B) EU. C) NAFTA. D) None of above. Show Answer Correct Answer: A) ASEAN. 3. An agreement between two or more companies to share a business project-this business is on a limited basis for control A) Licensing. B) Joint venture. C) Franchising. D) Infrastructure. Show Answer Correct Answer: B) Joint venture. 4. What does NAFTA stand for? A) National Agency for Trade Adherence. B) Negotiations Among Foreign Trade Authorities. C) North American Free Trade Agreement. D) Nominally Advised Feasible Trade Attribution. Show Answer Correct Answer: C) North American Free Trade Agreement. 5. What is globalization? A) The increased flow of trade, people, technology, and culture among countries. B) The decreased flow of trade, people, technology, and culture among countries. C) The creation of one global empire and government under a single super power. D) The creation of a global cellular network to use phones internationally. Show Answer Correct Answer: A) The increased flow of trade, people, technology, and culture among countries. 6. Which one is the characteristic of wholesale trade? A) Large capital. B) Sells to other business people. C) All the above. D) None of the above. Show Answer Correct Answer: C) All the above. 7. The BSP defines Direct Remittance as a mode of payment wherein payment is made within how many calendar days from transport document date? A) 21. B) 25. C) 29. D) 30. Show Answer Correct Answer: C) 29. 8. What is the definition of protectionism? A) Government actions to influence international trade. B) National economic policies that restrict free trade. C) Direct and indirect subsidies provided by governments. D) Restrictions on imports and exports. Show Answer Correct Answer: B) National economic policies that restrict free trade. 9. What do you call the exchange of products and services across national borders? A) INTERNATIONAL TRADE BUSINESS. B) INTERNATIONAL TRADE SYSTEM. C) GROSS DOMESTIC PRODUCT. D) INTERNATIONAL MONETARY FUND. Show Answer Correct Answer: B) INTERNATIONAL TRADE SYSTEM. 10. ..... is the transfer of ownership, property or business from the government to the private sector. A) Privatization. B) Trade surplus. C) Free trade. D) Protectionist policy. Show Answer Correct Answer: A) Privatization. 11. What best defines trading blocs? A) Agreement between different governments around the world. B) Import and Export between countries. C) Persuasion of trade between countries by the removal of trade barriers. D) Two countries coming together as one. Show Answer Correct Answer: C) Persuasion of trade between countries by the removal of trade barriers. 12. What is an import quota? A) A tax placed on the export of a good. B) A restriction on the quantity of a good that may be imported. C) A hybrid of a quota and a tariff. D) A quota on trade imposed by the exporting country. Show Answer Correct Answer: B) A restriction on the quantity of a good that may be imported. 13. The country similarity theory suggests that most trade in manufactured goods should be between countries with similar ..... A) Labor costs. B) Per capita incomes. C) Natural resources. D) Cultures and languages. Show Answer Correct Answer: B) Per capita incomes. 14. Protective tariffs are applied to goods that do have a domestic competitor and are designed to make the imported goods cost at least as much as, or more than, the domestic good, so these tariffs can be quite high. A) True. B) False. Show Answer Correct Answer: A) True. 15. We import some of the same products we export. Which is the most correct answer? A) Clothing. B) Bananas. C) Coffee beans. D) None of above. Show Answer Correct Answer: A) Clothing. 16. Comparative Advantage is inability of a nation to produce a good more efficiently than other nations, but ability to produce that good more efficiently than it does any other good A) True. B) False. Show Answer Correct Answer: A) True. 17. What is meant by international trade? A) Trade between individuals within the same country. B) Trade between two neighboring countries. C) Trade between two different countries. D) Trade in goods between local businesses. Show Answer Correct Answer: C) Trade between two different countries. 18. Consumers in an importing country would benefit from the imposition of a tariff. A) True. B) False. Show Answer Correct Answer: B) False. 19. Which of the following is a benefit of international trade? A) Reduced economic growth. B) Limited consumer choices. C) Increased prices of goods. D) Access to a wider variety of products. Show Answer Correct Answer: D) Access to a wider variety of products. 20. An organization has various forms of responsibility towards all stakeholders including consumers, employees, shareholders and communities in all aspects of company operations including aspects..... A) Economic, social and environmental. B) Business, audit and work program. C) Policies, decisions and strategies. D) Perception, values and planning. Show Answer Correct Answer: A) Economic, social and environmental. ← 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