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International Economics Quiz 1 (30 MCQs)

Quiz Instructions

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1. International economics deals with:
2. Foreign trade may adversely affect the consumption habits of a country through the importation of cheaply manufactured and harmful commodities.
3. The World Bank is an international organization to help:
4. A benefit, profit, or value of something that must be given up to acquire or achieve something else.
5. World Trade Organisation came into force on .....
6. An agreement to reduce tariffs between the United States, Mexico, and Canada is known as
7. What is the term for the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations?
8. This is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
9. Which of the following is NOT a priority for developing countries?
10. Assume the United States buys $ 5 million worth of video games from Japan. At the same time, Japan buys $ 2 million worth of wheat from the United States. If these were the only two transactions between these countries, which is true of the United States' balance of trade?
11. An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management is a .....
12. Comparative advantage is determined by:
13. What occurs when IMPORTS are greater than EXPORTS?
14. People worldwide increasingly share similar preferences.
15. Promotes free trade within 10 Southeast Asian countries.
16. Technological improvements are similar to international trade since they both
17. If Japan and the United States can both produce cars, but Japan can produce cars of a higher quality at a faster rate, then it is said to have an ..... in the auto industry
18. Carterville imported $ 10 billion in goods and services and exported $ 9 billion in goods and services. Which of the following does Carterville have?
19. International trade in goods and services tends to
20. The calculation of a country's balance of trade involves the value of its
21. Country "A" can produce 12 cars or 8 computers. Country "B" can produce 15 cars or 5 computers. Which country has the absolute advantage in terms of computers?
22. What position does Venezuela rank in terms of oil exports?
23. The actual amount of goods and services that can be bought with a given unit of money
24. Which of the following is an advantage of a fixed exchange rate system:
25. Limits the quantity of a good imported into a country.
26. This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.
27. The value of its exports minus the value of its imports for measurable during a specific time
28. Government policy about exports and imports is called
29. Which country has an absolute advantage in cloth?
30. Of the many arguments in favor of tariffs, the one that has enjoyed the most significant economic justification has been the
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