This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 74 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 74 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The nature of goods and serives traded is called A) Volume of trade. B) Direction of trade. C) Balance of trade. D) Composition of trade. Show Answer Correct Answer: D) Composition of trade. 2. A certificate of ..... shows that the goods meet the required standards prior to shipment. A) Manufacture. B) Inspection. Show Answer Correct Answer: B) Inspection. 3. Pakistan and Tajikistan drew up a PTA in 2012 A) 2002. B) 2006. C) 2012. D) None of above. Show Answer Correct Answer: C) 2012. 4. A trade deficit occurs in which of the following situations? A) When imports and exports are equal. B) When imports are greater than exports. C) When exports are greater than imports. D) When exports and imports are zero. Show Answer Correct Answer: B) When imports are greater than exports. 5. Includes the following countries:Iceland, Liechtenstein, Norway and Switzerland A) EFTA. B) Canada-European Free Trade Association. C) Trade Bloc. D) Regional Trade Agreement. Show Answer Correct Answer: A) EFTA. 6. Promote international monetary cooperation A) World Trade Organization. B) World Bank. C) International Monetary Fund. D) None of above. Show Answer Correct Answer: C) International Monetary Fund. 7. What is a valid economic argument in favour of trade protection? A) It allows greater consumer choice. B) It encourages trade liberalisation. C) It helps support infant industries. D) It keeps prices lower. Show Answer Correct Answer: C) It helps support infant industries. 8. To selling only children garments is the example of A) Single product shop. B) Single line shop. C) General store. D) None of the above. Show Answer Correct Answer: A) Single product shop. 9. With regards to international trade, the US consistently has A) A negative trade balance/trade deficit. B) A positive trade balance/trade surplus. C) Balanced trade. D) None of the above. Show Answer Correct Answer: A) A negative trade balance/trade deficit. 10. International trade is actually a war since only developed countries achieve greater prosperity. A) True. B) False. Show Answer Correct Answer: B) False. 11. To stop buying a good or service for trade or political reasons A) Tariff. B) Quota. C) Embargo. D) Boycott. Show Answer Correct Answer: D) Boycott. 12. David Ricardo introduced the theory of comparative advantage A) True. B) False. Show Answer Correct Answer: A) True. 13. These refer to economies of scale enjoyed by an entire industry. For instance, suppose the government wants to increase steel production. In order to do so, the government announces that all steel producers who employ more than 10, 000 workers will be given a 20% tax break. A) Economies of scale. B) Internal economies of scale. C) External economies of scale. D) Perfectly competitive market. Show Answer Correct Answer: C) External economies of scale. 14. Taxes on goods coming into a country from another country A) Tariff. B) Embargo. C) Subsidy. D) Quota. E) Standard. Show Answer Correct Answer: A) Tariff. 15. The largest employer in the state of Georgia is ..... A) Delta Airlines. B) Hartsfield-Jackson International Airport. C) Georgia Port Authority. D) Coca Cola. Show Answer Correct Answer: B) Hartsfield-Jackson International Airport. 16. Which of the following is not a type of e-commerce business transaction? A) Consumer-to-consumer (C2C). B) Business-to-consumer (B2C). C) Business-to-business (B2B). D) Consumer-to-government (C2G). Show Answer Correct Answer: D) Consumer-to-government (C2G). 17. Which term refers to a company operating in multiple countries? A) Globalization. B) Multinational Corporation (MNC). C) Comparative Advantage. D) Protectionism. Show Answer Correct Answer: B) Multinational Corporation (MNC). 18. What is the term for sending goods or services to another country for sale? A) Importing. B) Exporting. C) Transporting. D) Shipping. Show Answer Correct Answer: B) Exporting. 19. Samuel de Champlain was the one who wrote about his discovery of the Niagara Falls in Canada. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 20. International trade also allows countries to specialize in producing narrower goods and giving them what? A) Greater Efficiencies of Large-Scale Production. B) Lesser Efficiencies of Large-Scale Production. C) Same Efficiencies of Large-Scale Production. D) No Efficiencies of Large-Scale Production. Show Answer Correct Answer: A) Greater Efficiencies of Large-Scale Production. ← 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