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International Economics Quiz 17 (30 MCQs)

Quiz Instructions

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1. If Country A can produce coffee beans at a lower opportunity cost than Country B, then Country A has a(n) ..... in the production of coffee beans
2. If China placed a ..... on copper, consumers would likely pay ..... for goods made with copper
3. Refer to the nature of home demand for the industry's product or service.
4. Use the following headlines to answer the question below. U.S. Embargo against Cuba 2005 Quotas on Chine's Textiles 2002 U.S. Tariffs on Steel The above headlines are all examples of
5. In an effort to bring down the government of Cuba, the US adopted a policy of refusing to trade with Cuba. This is called
6. Measure the price of one nation's currency in terms of another nation's currency
7. What causes an increase in the price of imported goods?
8. If the value of a country's currency decreases, which of the following would be expected:
9. Suppose the U.S. lowers the tariff on imported beef, making foreign beef cheaper than U.S. beef. What would be the consequences?
10. The next best alternative.
11. Countries gain when they produce items they are most efficient at producing and that have the lowest opportunity cost.
12. When was NPCI founded?
13. Which of the following is not an assumption of classical theory of international trade?
14. Import quotas are most commonly administered
15. The removal of trade barriers so that goods can flow freely between countries.
16. Arrange the groups of economic integration in order from low to high (Arrange the groups of economic integration in low to high order) 1) Free Trade Area (Free Trade Area) 2) Economic Union (Economic Union) 3) Common Market (Common Market) 4) Tatkar Sangh (Zakat Sangh)
17. What will be the effect of depreciation?
18. A tax placed on goods imported into a country
19. The EU is better seen as an example of .....
20. Import quotas tend to result in all of the following except:
21. For advanced countries such as the US, tariffs on imported raw materials tend to be
22. ..... is the ability to produce a good at a lower opportunity cost than another producer.
23. What formula do we use to find Comparative Advantage?
24. International trade only refers to the exchange in goods between countries.
25. Under a tariff-rate quota:
26. Increasing per capita output becomes very difficult for a developing country when:
27. Which of the following is NOT a criticism of international institutions?
28. If the export value is more than import value, it shows that the rate of trade terms is .....
29. What does a protective tariff seek to protect?
30. The purpose of the founding of the European Union (EU) in 1993 was to .....
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