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International Economics Quiz 36 (30 MCQs)

Quiz Instructions

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1. The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.
2. Developing countries are called developing because they have:
3. Limit the flow of goods, services, and productive resources between countries.
4. Inter-regional specialization leads to large production in all the countires
5. The US and Canada have been experiencing a conflict over the US quota on imported softwood lumber. Which of the following groups would be MOST LIKELY to support the US restrictions?
6. All of the following are gains from trade, EXCEPT:
7. The comparative advantage model of Ricardo was based on
8. ..... are profits that accrue to whomever has the right to import the good that is restricted by the quota
9. A country that can produce a good using fewer resources than another country has a(n):
10. The rate at which goods are exchanged at the international is defined as .....
11. Country "C" can produce shirt in 30 minutes or 1 chair in 60 minutes. Country "D" can produce a shirt in 45 minutes or 1 chair in 45 minutes. Which country has the absolute advantage in terms of shirts?
12. A set of notarial measures aimed at limiting the volume of export and import in the form of a quantity or amount during a certain period:
13. Nation that operates in a state of self-reliance and is characterised by self-sufficiency and limited (or no) trade with global partners.
14. The state of being unemployed or without a job, but available to work
15. The definition of the exchange rate of a currency is:
16. Dumping means.....
17. The figure illustrates the international movement of capital. When there is international movement of AB of capital in both Nations, the rate of return on capital in Nation 1 .....
18. All the following are the 3 C's or credit except .....
19. An ..... is a good or service bought in one country that was produced in another.
20. Goods or services that a country buys from other nations.
21. To say that net exports are negative is the same as saying that
22. What should each country do according to the law of comparative advantage?
23. This is a measurement of the value of one nation's currency relative to the currency of other nations?
24. Means that a country can produce a product using fewer resources than another country
25. The effective rate of protection measures
26. The gravity model of international trade predicts that trade between two nations is larger when
27. A good that is sent to another country for sale
28. An increase in the value of one currency in terms of another currency is a/n
29. Limit of the amount of a good that can be imported
30. Country A can produce 1 ton of wheat or 4 ton of coal using one resource. Country B can produce 2 tons of wheat or 5 tons of coal using the same resource. Which one is more appropriate?
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