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International Trade Quiz 11 (30 MCQs)

Quiz Instructions

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1. Which of the following is a region of the world that is a significant trade region due to its oil exports?
2. An argument against trade protection is that it will increase A competition for domestic industries. B domestic price levels. C the current account deficit. D opportunities for domestic infant industries.
3. The specialty of entrepreneurial production factors lies in .....
4. "It's been 10 long years since NAFTA was implemented, and the result has been the bleeding of jobs, " [Congressman Ted] Strickland said ..... In my judgment, we have a trade policy that does not protect American jobs or American companies ..... And the beneficiaries ..... are the multinational corporations [whose] only concern is how to increase the bottom line ..... " "These companies have gone down there and built modern factories, " Strickland said. "They pay pathetic wages ..... and within sight of those factories, people who work in those factories [are] living in the most pathetic squalor ..... The jobs going to Mexico haven't really benefited the Mexican workers ..... " (Source:Adapted from Jeff Hibbs, "Strickland, Democrats take aim on NAFTA, " Wilmington News Journal, November 14, 2003.) According to the passage, Congressman Strickland believes that NAFTA has affected American workers in what way?
5. Who is the winner of tariff policy?
6. To make Malaysia the preferred investment destination and among the most globally competitive trading nations by 2020. This vision is referring to:
7. 4/ What are external economies of scale in the context of international trade?
8. What does WIPO refer to?
9. An advantage of specialisation:Costs are reduced, which can be passed on to consumers in the form of lower prices
10. MNC means Multi-National Corporations.
11. What is the marketing mix in international business?
12. Study the information below and use it to answer the question that follows. YEAR. VALUE OF 1 EURO PER $ 1 VALUE OF $ 1 PER EURO2016 1.25 0.792017 1.42 0.70 Which currency appreciated in value between 2016 to 2017?
13. Which of the following accurately defines quota?
14. Which one of the following is a benefit of a country adopting protectionist policies
15. The U.S. economy has thrived on international trade throughout its history.
16. Quotas (Limits to imports)
17. Resources available = 200 units for each country Production in GhanaCocoa = 10 tonsRice = 5 tons Production in South KoreaCocoa = 2.5 tonsRice = 10 tons Question:Which country should specialize in producing Rice?
18. Absolute advantage exists when one nation is the most efficient producer of a good, meaning it can produce the good at the lowest possible price.
19. If policy makers enact a quota on a product in a country open to trade, they will see
20. Who is the US's biggest trading partner in terms of BOTH imports and exports?
21. ..... stresses on the 'relative cost difference' rather than 'absolute cost difference' between the goods as the basis for carrying out trade.
22. Retail trade is the example of the type of internal trade on the basis of
23. Countertrade is most attractive to large, diverse multinational enterprises that can use their worldwide network of contacts to dispose of goods acquired in countertrading.
24. Benefits of international trade include the following except .....
25. What best describes a country's terms of trade? A the difference between the volume of its exports and its imports B the average price of its exports divided by the average price of its imports C the total value of its exports divided by the total value of its imports D the volume of its exports divided by the volume of its imports
26. Methods of protectionismA type of quota put in place by exporters. Often created because exporting countries would rather impose their own restrictions rather than risking worse terms
27. Contractual safeguards can be written into an alliance agreement to guard against the risk of opportunism by a partner.
28. A tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services
29. An advantage of a nation having a merchandise deficit is that this deficit allows
30. Before a supplier sends merchandise to a buyer, the supplier provides this document listing the quantity, value and specifications of the merchandise.
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