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International Trade Quiz 11 (25 MCQs)

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1. On 15 April 1994, in Marroco, which agreement is signed to establish WTO?
2. To promote the protection of intellectual property throughout the world
3. Tariffs and quotas are designed to
4. In the exporting country, an export subsidy will
5. The Pakistan, Sri Lanka FTA came into effect in June _____
6. Tariffs and quotas usually raise prices.
7. Australia is a price-taker
8. Which of the following is TRUE to define International Trade?
9. This is the best alternative that we give up, or forgo, when we make a choice or decision.
10. What is the name of the approach in which international trade is solely due to international differences in the productivity of labor?
11. Which of the following reasons why firms expand internationally?
12. What is the term for the exchange of goods between different parts of a multinational?
13. The key reason why international trade has increased so rapidly is due to
14. What is elements of Field of activity about Domestics Trade?
15. Even if a country has a higher GDP, why might it have a lower standard of living?
16. In negotiation tactics, the emotional reaction when faced with something unpleasant is called:
17. How would inexpensive lumber from Canada affect the U.S. market for new homes?
18. If, beginning from a free trade equilibrium, the terms of trade improve for a country, then it will
19. _____ represents the defined form of how the payment shall be made, ie on open account payment terms through a bank transfer, or through documentary collection or letter of credit.
20. What is a tax on imported products called?
21. Suppose you are the CEO of a company and you want to enter the overseas market, so you sell the goods to an overseas dealer and let them sell them locally (overseas). Is your act of selling the goods to the dealer an international trade?
22. Country X can manufacture a particular product better and at a lower cost than country Y can. What conclusion can be drawn from this situation?
23. People who favor few or no trade restrictions
24. U.S. has an absolute advantage over Mexico in producing two goods, beef and vegetables.
25. Incoterms are specified. Conditions of liability, transfer of risk, _____, are the responsibility of the seller or buyer.
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