This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 87 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 87 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. One of the trade policies implemented by the government is to reduce domestic production costs so that domestic production can compete with foreign production. The policy is called ..... A) Subsidy. B) Quota. C) Dumping. D) Impor. Show Answer Correct Answer: A) Subsidy. 2. The following are levels of international business except A) Global stage. B) Domestic level. C) International level. D) Multilateral level. Show Answer Correct Answer: D) Multilateral level. 3. Business Transactions can be done in various ways: A) Licensing. B) Management Contracting. C) Franchising. D) All of the above. Show Answer Correct Answer: D) All of the above. 4. Explain the concept of floating exchange rates. A) Floating exchange rates are determined by market forces and fluctuate based on supply and demand. B) Floating exchange rates are determined by government intervention. C) Floating exchange rates are only used in developed countries. D) Floating exchange rates are fixed and do not change over time. Show Answer Correct Answer: A) Floating exchange rates are determined by market forces and fluctuate based on supply and demand. 5. Nations trade because consumers have different preferences in terms of prices, quality, brands, and other attributes. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 6. In an economy, there are four (4) economic actors, namely ..... A) Consumer Household (RTK), Producer Household (RTP), Government, and Distributor. B) Limited Liability Company (PT), Commanditaire Vennoostchap (CV), Firma (Fa), and Individual Companies. C) State-Owned Enterprises (BUMN), Regional-Owned Enterprises (BUMD), Privately Owned Enterprises (BUMS), and Cooperatives. D) Family Household (RTK), Company Household (RTP), State Household (RTN), and Community Abroad (MLN). Show Answer Correct Answer: D) Family Household (RTK), Company Household (RTP), State Household (RTN), and Community Abroad (MLN). 7. Tariffs that are only input as a proportion of goods imported are called..... A) Combined rate. B) Export tariffs. C) Special rates. D) Tariff to value. Show Answer Correct Answer: C) Special rates. 8. The practice of states party to a trading bloc delaying the implementation of a norm or commitment contained in an agreement is called: A) Withdrawal. B) Ratification. C) Access. D) Reservation. Show Answer Correct Answer: D) Reservation. 9. What is infrastructure? A) The stopping of all exports and/or imports completely in and out of a country. B) Restrictions to free trade. C) A nation's transportation, communication, and utility systems. D) A set limit on the quantity of a product that may be imported or exported within a given period of time. Show Answer Correct Answer: C) A nation's transportation, communication, and utility systems. 10. What is currency appreciation A) Value of currency decreases. B) Value of currency increases. C) Import more than you export. D) Export more than your import. Show Answer Correct Answer: B) Value of currency increases. 11. What are some challenges of international trade? A) Creating winners and losers. B) Addressing unfair trade practices. C) Taking into consideration the unique circumstances of developing countries. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. Which product did Vietnam export the most in 2022? A) Fabrics of all kinds. B) Iron and steel of all kinds. C) Plastic materials. D) Computer, electronic products and components. Show Answer Correct Answer: D) Computer, electronic products and components. 13. Before goods enters a country they must meet a certain criteria. This is known as ..... A) Subsidy. B) Safe goods. C) Standards. D) Non negotiable. Show Answer Correct Answer: C) Standards. 14. Goods brought into Nigeria are called ..... goods while goods taken out of Nigeria to other countries are called ..... goods A) Export, import. B) Important, export. C) Imported, exported. D) Impart, expart. Show Answer Correct Answer: C) Imported, exported. 15. Some countries protect their economies through barriers to free trade. What would be the result in such countries of this protection? A Competition will be reduced. B Consumer choice will increase. C Prices will fall. D Unemployment will rise. A) A. B) B. C) C. D) D. Show Answer Correct Answer: A) A. 16. Where does all the buying, selling, supply, and demand for a product take place? A) Buying place. B) Selling place. C) Store. D) Market. Show Answer Correct Answer: A) Buying place. 17. "Zeroing" is a method used by the Investing Authority in calculating a number of transactions to carry out investigations..... A) Suitability assessment. B) Dumping. C) Security measures. D) All wrong. Show Answer Correct Answer: B) Dumping. 18. The ISO 14000 standard explains about..... A) Strategic plan. B) Environment. C) Product quality. D) Human Resources. Show Answer Correct Answer: B) Environment. 19. A person or organization that buys goods or services from a store or business. A) Exporter. B) Customer. C) Customs. D) Seller. Show Answer Correct Answer: B) Customer. 20. North Dakota received boots made in Canada A) Import. B) Export. Show Answer Correct Answer: A) Import. ← 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