This quiz works best with JavaScript enabled. Home > Finance > Economics > International Economics > International Trade > International Trade – Quiz 107 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 107 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ....., according to Smith, promotes international division of labour. A) Restrictive trade. B) Free trade. C) Modern trade. D) Protectionist trade. Show Answer Correct Answer: B) Free trade. 2. The North American Free Trade Agreement proposed free trade between the United States and A) Central American countries. B) Brazil and Mexico. C) The European Union. D) Canada and Mexico. Show Answer Correct Answer: D) Canada and Mexico. 3. Which of the following is an advantage of international trade? A) Countries can become self-sufficient and don't have to rely on other countries. B) Countries can specialize in producing goods or services they are good at. C) Countries can show off their power and strength. D) None of above. Show Answer Correct Answer: B) Countries can specialize in producing goods or services they are good at. 4. International trade contributes and increases the world ..... A) Trade Barriers. B) Inflation. C) Population. D) Economy. Show Answer Correct Answer: D) Economy. 5. Who should import capes? A) Camelot. B) Avalon. Show Answer Correct Answer: B) Avalon. 6. What role does the transportation and logistics industry play in international trade and commerce? A) Marketing and advertising. B) Restaurant services. C) Legal consultation. D) Connecting buyers and sellers. Show Answer Correct Answer: D) Connecting buyers and sellers. 7. Which of the following is not types of protectionism? A) Voluntary Export Restraints. B) Trade. C) Exchange Controls. D) Tariff. Show Answer Correct Answer: B) Trade. 8. Which calculation is used for working out the exchange rate in Pounds? A) Currency / Exchange rate = Pounds. B) Pound x Pound = Euro. C) Exchange rate + Currency = Pounds. D) Pound X Currency = Euro. Show Answer Correct Answer: A) Currency / Exchange rate = Pounds. 9. More international trade has made the world's countries more ..... A) Isolated. B) Interdependent. C) Independent. D) None of above. Show Answer Correct Answer: B) Interdependent. 10. The most exported good in Viet Nam in 2019? A) Electrical machinery. B) Oil. C) Footwear. D) Industrial machinery. Show Answer Correct Answer: A) Electrical machinery. 11. Imitating country is license country to produce a particular goods and services A) False. B) True. Show Answer Correct Answer: B) True. 12. According to the history of trading, the oldest route was probably from the Malabar coast or Syria up to the Persian Gulf. A) FALSE. B) TRUE. Show Answer Correct Answer: A) FALSE. 13. Has to do with time or other resources that go into making something A) Specialization. B) Opportunity Cost. C) Inputs. D) Outputs. Show Answer Correct Answer: C) Inputs. 14. Approaches to social responsibility include..... A) Defensive. B) Reactive. C) Informatif. D) Affective. Show Answer Correct Answer: A) Defensive. 15. The monetary difference between a country's imports and exports A) Balance of brokerage. B) Freight fair trade. C) Tariff. D) Balance of trade. Show Answer Correct Answer: D) Balance of trade. 16. Revenue tariffs are levied to A) Raise money. B) Increase imports. C) Protect domestic producers. D) Lower exports. Show Answer Correct Answer: A) Raise money. 17. Since 2000 a country's export prices have increased on average by 50 % and its import prices by 25%. What is the current figure for the country's terms of trade (2000 = 100)?A 75 B 83 C 120 D 125 A) A. B) D. C) B. D) C. Show Answer Correct Answer: D) C. 18. A trade agreement between Canada, Mexico, and the US A) EU. B) ABC. C) WTO. D) NAFTA. Show Answer Correct Answer: D) NAFTA. 19. Europe's trading bloc. A) European Union. B) Multinational. C) Globalization. D) Proprietary. Show Answer Correct Answer: A) European Union. 20. The GATT was a bilateral agreement whose objective was to liberalize trade by eliminating tariffs, subsidies, import quotas, and the like. A) False. B) True. Show Answer Correct Answer: A) False. 21. Which trade organization includes nations on the Pacific Rim? A) EU. B) NAFTA. C) APEC. D) OPEC. Show Answer Correct Answer: C) APEC. 22. Banco emisor = advising bank A) False. B) True. Show Answer Correct Answer: A) False. 23. A country with very rich soil and a tropical climate decides to concentrate on growing coffee. This is known as A) Specialization. B) Economic interdependence. C) Opportunity cost. D) Advantage. Show Answer Correct Answer: A) Specialization. 24. This instrument in Trade Policy is variously defined as selling goods in a foreign market at below their costs of production or as selling goods in a foreign market at below their "fair" market value. A) Protectionist Trends. B) Voluntary Export Restraints. C) Export Tariffs and Bans. D) Anti-dumping Duties. Show Answer Correct Answer: D) Anti-dumping Duties. 25. Government based restrictions placed on international trade A) Free Trade Zone. B) World Trade Organization. C) Trade Barriers. D) Tariff. Show Answer Correct Answer: C) Trade Barriers. 26. Currency appreciation results in A) Decreased exports, decreased imports. B) Decreased exports, increased imports. C) Increased exports, increased imports. D) Increased exports, decreased imports. Show Answer Correct Answer: B) Decreased exports, increased imports. 27. How do free trade agreements benefit participating countries? A) Free trade agreements benefit participating countries by promoting environmental degradation and reducing economic growth. B) Free trade agreements benefit participating countries by causing economic stagnation and reducing trade and investment. C) Free trade agreements benefit participating countries by increasing barriers to trade and reducing job opportunities. D) Free trade agreements benefit participating countries by promoting economic growth, increasing trade and investment, creating job opportunities, and reducing barriers to trade. Show Answer Correct Answer: D) Free trade agreements benefit participating countries by promoting economic growth, increasing trade and investment, creating job opportunities, and reducing barriers to trade. 28. China is known as: A) The best economic system. B) The red invasion. C) The communist threat. D) The world's factory. Show Answer Correct Answer: D) The world's factory. 29. This instrument of Trade Policy is a tax placed on the export of a good. The goal behind this tariff is to discriminate against exporting to ensure that there is sufficient supply of a good within a country. A) Export Tariffs. B) Local Content Requirements. C) Import Quotas. D) Subsidies. Show Answer Correct Answer: A) Export Tariffs. 30. An economist argue that two nations need not be identical in every respect for mutually beneficial trade to result from increasing return to scale. A) False. B) True. Show Answer Correct Answer: B) True. ← PreviousNext →Related QuizzesInternational Economics QuizzesEconomics QuizzesInternational Trade Quiz 1International Trade Quiz 2International Trade Quiz 3International Trade Quiz 4International Trade Quiz 5International Trade Quiz 6International Trade Quiz 7International Trade Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books