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International Trade Quiz 109 (25 MCQs)

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1. Which government agency oversees customs regulations in Mexico?
2. Resources available = 200 units for each country Production in GhanaCocoa = 10 tonsRice = 5 tons Production in South KoreaCocoa = 2.5 tonsRice = 10 tons Question:After specialization, which country will export Rice?
3. The diagram shows China's trade with Brazil for two years.What happened to China's trade balance with Brazil between year 1 and year 2? A It experienced a falling surplus. B It experienced a rising deficit. C It moved from deficit to surplus. D It moved from surplus to deficit.
4. The physical development of a country, such as roads, ports, and utilities.
5. You travel out of the country and purchase a gift from Germany. Upon returning to the airport in the US, the gift goes through inspection and you are charged for bring the item back into the US. This is an example of a
6. Place an absolute ban on imports or exports in a certain country
7. _____ is an error in Letter of Credit that may result in payment not being released
8. Why do countries trade with each other?
9. Not trading with nations who create products using child labor is used in the argument for
10. Value gained when a country specializes in producing and selling certain goods.
11. The exchange rate is the interest rate that foreign banks receive when borrowing money from the United States.
12. A trade deficit occurs when _____
13. Which factor of production refers to natural resources and raw materials used in production?
14. Travis takes two trips to Ecuador. On his first trip, he finds that one US dollar is worth 25000 Ecuadorian Sucre. On his return trip, he finds that the dollar is now worth 26000 Ecuadorian Sucre. What is a LIKELY result of this change in exchange rates?
15. Fixed limit on the amount of import/export of a product set when trading with another country
16. Imports and exports are accounted for in a country's current account in the _____
17. What are the two broad subfield that divides the economics of the international economy?
18. What is the purpose of a trade barrier
19. A document that a government issues to an exporter granting permission to sell certain goods to a given country
20. If trade was not possible, consumers would not enjoy a greater variety of goods.
21. The text is about _____
22. When the United States dollar depreciates, which of the following is a likely effect?
23. The theory of country similarity claims that _____ determines trade between firms.
24. Which currency is widely accepted and used throughout Canada?
25. Import substitution economics promotes competition.
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