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International Economics Quiz 15 (30 MCQs)

Quiz Instructions

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1. What is "Engaging in trade without barriers; most efficient" ?
2. The value of one currency expressed in terms of another is known as the .....
3. All exchange transactions take place at the fixed exchange rate
4. Reducing inflation problem is a reason for protecting domestic industries from foreign competition.
5. Suppose that the domestic government allows a specific number of goods to be imported each year, but it does not specify from where the product is shipped or who is permitted to import. Such a trade barrier is known as
6. Which has more to do with opportunity cost?
7. In 1962, the United States prohibited all imports and exports to and from Cuba.
8. Refers to free trade agreements among countries in a region (ex:EU, ASEAN, and NAFTA).
9. Pick the factors affecting terms of trade
10. What is meant by the law of comparative advantage?
11. It simply means that the country can produce more of a good than another country
12. All the following are benefits of protectionism, EXCEPT:
13. The NFS became the smallest network of shared ATMs in India.
14. Consumer surplus in a market for a good exists because:
15. The reason international trade is controlled has to do with how economics relates to:
16. Why does the US have restricted trade to Cuba
17. A limit to the number of imports that may enter a country
18. The figure illustrates the international movement of capital. What is the correct statment the welfare effects of this movement?
19. ..... is the precursor of WTO
20. What type of exchange rate system do most countries operate under?
21. Ricardo describes trade taking place as a result of countries having ..... in production of particular goods, relative to each other.
22. Increased exports can be attributed to a ..... dollar.
23. Comparative advantage suggests that countries will engage in trade with one another, exporting the goods that they have a ..... advantage in.
24. Assume the exchange rate of US dollars to Indian Rupees changes from $ 1=500 Rupees to $ 1=200 Rupees. Which group will be helped by this change?
25. Requirements a good must meet before it can enter the country as an import
26. A government payment that supports a business or market.
27. The figure illustrates the international movement of capital. When there is international movement of capital in both Nations, what is the repatriation to Nation 1?
28. An agreement effective July 1, 2020, between American and its immediate neighbors to the north and south that increases environmental and labor regulations, protects intellectual property, and incentivizes more domestic production of cars and trucks.
29. Free international trade' means that:
30. Which theory hold that two countries would trade even when one country has absolute advantage in all products or another country does not have absolute advantage in any product-
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