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International Trade Quiz 10 (25 MCQs)

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1. The aim of protection policies in international trade is_____
2. South Africa can produce 1 barrel of oil using 3 units of land and can produce 1 karat of diamonds using 1 unit of land. On the other hand, Saudi Arabia can produce 1 barrel of oil using 1/2 unit of land and can produce 1 karat of Diamond using 6 units of land. Which country has absolute advantage in diamond production?
3. How do you know your market is having a trade deficit?
4. The theory of comparative advantage put forward by David Ricardo is outlined in a book entitled _____
5. Which of the following are ways in which the government regulates trade?
6. A law that cuts off trade with a specific country
7. Which is the most BASIC difference between international trade and domestic trade?
8. When a producer can produce a larger quantity of a given good/service than another producer, they can be said to have an _____
9. If the exchange rate is £1 = $1.25, how much does $1 equal in £ pounds?
10. Trade within one region or country is called:
11. Which of the following factors influence trade?
12. Which of the following actions might be part of a protectionist economic policy?
13. Product life cycle theory focus on the product, not its factor proportions.
14. Which of the following states in India has three major sea ports?
15. One country can have a Comparative Advantage over another country with some products, and an Absolute Advantage over that same country in another product.
16. Why do countries trade?
17. President Trump has enacted tariff barriers against China and a lot of people worried that China might retaliate and enact the same tariff barriers? This event involving:
18. _____ provide loans to developing countries.
19. How much money is the international wildlife trade estimated to be worth annually?
20. In inter-regional trade the flow of goods, services, labor and capital moves freely to any region, whereas in interstate trade the flow of trade can be regulated by each country.The illustration above is a form of the difference between trade between regions and trade between countries in terms of _____
21. What does the WTO stand for?
22. Comparative Advantage is based on:
23. Comparative advantage theory was proposed by _____ in 1817
24. What is defined as delivery of a service from the territory of one country into the territory of the other country?
25. The role of aid in promoting growth and development is to help
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