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International Trade Quiz 116 (30 MCQs)

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1. Internationl trade-oriented jobs have grown 3 times the growth of U.S.-dependent jobs.
2. Which of these international trade concepts results in specialization and trade increases in total world output (as seen in the economic concept of opportunity costs)?
3. What is the primary drawback of open account (trade credit) terms in international trade?
4. A country says that it wishes to increase its trade protection policies. What might that involve? A conservation of resources and taxes on external costs B eliminating waste in the use of resources and grants to multinational companiesC increased self sufficiency and increased tariffs D price controls and increased regulations on domestic monopoly industries
5. The principle objective of PATA is to safeguard the interest of the travelling public and to maintain high ethical standards within the travel trade.
6. Suppose, the real interest rate increases by 3%, the domestic inflation is 4% and the foreign inflation is 2%. How much will the nominal exchange rate change? $%\Delta e=%\Delta\epsilon\ +\ \pi_{f\ }-\pi_d$
7. Explain the concept of cultural diffusion and its impact on globalization.
8. Two countries will still exchange through international trade even if one country has all the advantages
9. GDP is the abbreviation of .....
10. Which country is the member of AFTA?
11. The U.S. controls imports through the U.S. Customs Service, which is a division of the ..... Department.
12. Included in Plurilateral Trade Agreements are.....
13. When the world equilibrium price is above or > the domestic equilibrium price .....
14. Who should export wands?
15. How can businesses adapt the product in different countries?
16. What is one way the government helps those who are harmed by international trade?
17. Which is not the aim of international trade policy.....
18. Large-scale entry is a way to gather information about a foreign market before deciding whether to enter on a significant scale and how best to enter.
19. A nation's ability to produce a product at a lower opportunity cost than another country is referred to as what?
20. Country A can produce 10 apples or 3 oranges.Country B can produce 12 apples and 3 oranges.Which country has an absolute advantage?
21. The process by which businesses or other organizations develop international influence or start operating on an international scale
22. Which organization regulates the production, pricing, and marketing of petroleum?
23. The United States trade deficit causes
24. Taxes on imported goods that minimize the price advantage they have over domestic goods are called
25. Which of the following is not the reasons for importing the category of product
26. During the Financial crisis in 2008, The collapse of New York stock exchange, The government took over some collapsing private companies by providing financial assistance to it. What is the type of economy in this kind of situation?
27. Which of the following is a treaty which eliminated all trade barriers between Canada, Mexico, and the United States?
28. Consumers benefit from imports because they cause the
29. What was Adam Smith's reason for recommending free trade-that is, international trade with no tariffs or other governmental barriers to trade?
30. The condition that results when the value of a nation's exports is greater than the value of its imports is called .....
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