This quiz works best with JavaScript enabled. Home > Economics > International Economics > International Trade > International Trade – Quiz 97 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 97 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. People who are in favor of free trade believe there should be several trade barriers put into place to restrict trade and that a country should be more reliant on itself. True of False. A) True. B) False. Show Answer Correct Answer: B) False. 2. Delivery note A) Order. B) Invoice. C) Delivery note. D) Delivery order. Show Answer Correct Answer: C) Delivery note. 3. Who has the comparative advantage in cars? A) Y. B) X. C) Neither. D) Unknown. Show Answer Correct Answer: A) Y. 4. Which definition describes a trading bloc? A) A group of countries which agree to eliminate all trading restrictions with each other. B) A group of countries which control supplies of natural resources to influence world prices. C) A large multinational company which tries to monopolise global trade in all its products. D) A number of companies which deal in similar products and share advertising costs. Show Answer Correct Answer: A) A group of countries which agree to eliminate all trading restrictions with each other. 5. What does a certificate of Origin vouch for? A) It certifies the country where the goods were produced. B) It certifies you are the owner of the freight. C) It certifies that the product is an original and not a copy. D) It certifies you are importing original brands legally. Show Answer Correct Answer: A) It certifies the country where the goods were produced. 6. Succession of increasing trade barriers between nations A) Trade War. B) Embargo. C) Tariff. D) None of above. Show Answer Correct Answer: A) Trade War. 7. The following are the reasons for holding international trade, namely..... A) Direct investment. B) Competition. C) Dumping. D) Outsourcing. Show Answer Correct Answer: B) Competition. 8. Was established in 1946 A) World Bank. B) International Monetary Fund. C) World Trade Organization. D) None of above. Show Answer Correct Answer: B) International Monetary Fund. 9. In 2015, Russia banned the imports of food, such as milk, from the European Union (EU). Which outcomes are most likely to happen as a result? A) A. B) B. C) C. D) D. Show Answer Correct Answer: D) D. 10. Buying and selling of goods and services beyond the boundaries A) Internal trade. B) International trade. C) Wholesale trade. D) Retail trade. Show Answer Correct Answer: B) International trade. 11. The more individuals and nations specialize and trade, the more dependent they become on each other to supply their basic wants. A) Interdependence. B) Comparative advantage. C) Specialization. D) Absolute advantage. Show Answer Correct Answer: A) Interdependence. 12. Trading is an economic activity often referred to as repeated buying and selling of commodities and availing of services for human satisfaction and gratification. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 13. A tariff is when a ..... is put on an imported good A) Tax. B) Limit. C) Block. D) None of above. Show Answer Correct Answer: A) Tax. 14. Which statement about economic integration is correct? A A customs union has a common currency. B A customs union has a common external tariff. C A free trade area has internal trade barriers. D A free trade area has no external trade barriers. A) A. B) B. C) C. D) D. Show Answer Correct Answer: B) B. 15. Strategy in which international trade has little to no rules A) Protectionism. B) The trade failed. C) Trade surplus. D) Free trade. Show Answer Correct Answer: D) Free trade. 16. Goods are transported to Vietnam where first temporarily stored in "bonded warehouse" and then transported to import country. This is a form of ..... A) Import. B) On-the-spot export. C) Border-gate transfers of goods. D) Re-export. Show Answer Correct Answer: C) Border-gate transfers of goods. 17. A record of all individual, business, and government transactions between one nation and those of the rest of the world is called the A) Balance of transactions. B) Balance of trade. C) Balance of exports and imports. D) Balance of payments. Show Answer Correct Answer: D) Balance of payments. 18. A situation in which people produce a narrower range of goods and services than they consume. A) Interdependence. B) Comparative advantage. C) Specialization. D) Absolute advantage. Show Answer Correct Answer: C) Specialization. 19. The growing increase in the international trade along with the development of technology has fostered A) Many wars. B) An increase in world poverty. C) Globalization. D) All of the above. Show Answer Correct Answer: C) Globalization. 20. The foreign exchange rate is the price of one country's currency in terms of another country's currency. A) True. B) False. Show Answer Correct Answer: A) True. ← 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