This quiz works best with JavaScript enabled. Home > Finance > Economics > International Economics > International Trade > International Trade – Quiz 117 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 117 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How many members does WTO has? A) 146. B) 128. C) 126. D) 164. Show Answer Correct Answer: D) 164. 2. The ..... sector is the largest industrial sector in Pakistan. A) Textile. B) Industrial. C) Mechanical. D) None of above. Show Answer Correct Answer: A) Textile. 3. The price of the catalogue is ..... against your first order. A) Removable. B) Replaceable. C) Refundable. D) Rechargeable. Show Answer Correct Answer: B) Replaceable. 4. A tariff is a tax on A) Food. B) Exports. C) Imports. D) Services. Show Answer Correct Answer: C) Imports. 5. What is the auxiliary to past simple? A) Do. B) Does. C) To be. D) Did. Show Answer Correct Answer: D) Did. 6. Dumping involves A) Selling goods abroad for which there is no market in the domestic economy. B) Importing goods from other countries that no one else wants. C) Selling a good abroad at a price that is higher than the cost of producing it. D) Selling a good abroad at a price that is lower than the cost of producing it. Show Answer Correct Answer: D) Selling a good abroad at a price that is lower than the cost of producing it. 7. Which name is given to the external value of a currency in terms of another currency? A the balance of trade B the exchange rate C the relative inflation rate D the supply of money A) A. B) B. C) C. D) D. Show Answer Correct Answer: B) B. 8. What is the MOST LIKELY result of an increase in the value of the U.S. dollar against the Chinese currency? A) Chinese consumers of Chinese goods would benefit. B) U.S. workers in the United States would benefit. C) U.S. consumers of Chinese goods would benefit. D) Chinese imports of U.S. goods would benefit. Show Answer Correct Answer: C) U.S. consumers of Chinese goods would benefit. 9. What does trade permit for a nation? A) Increased unemployment and reduced productivity. B) Increased specialisation, economies of scale, increased productivity, and higher real incomes. C) Decreased specialisation, decreased productivity, and lower real incomes. D) No impact on specialisation, productivity, or real incomes. Show Answer Correct Answer: B) Increased specialisation, economies of scale, increased productivity, and higher real incomes. 10. If the market demand for a good is inelastic and the supply is elastic, which of the following is true when there is an increase in sales tax? A) Consumers will bear most of the burden of the tax. B) Producers will bear all of the burden of the tax. C) Producers will bear most of the burden of the tax or risk losing sales. D) Both consumers and producers will share the burden of the tax equally. E) The price of the good will not change. Show Answer Correct Answer: A) Consumers will bear most of the burden of the tax. 11. A private limited company is run by what ..... A) Shareholders. B) A board of directors. C) The employees. D) The owner. Show Answer Correct Answer: B) A board of directors. 12. The economic and strategic advantages that accrue to early entrants into an industry. A) Absolute advantages. B) Comparative advantage. C) First-Mover Advantages. D) Second-mover advantages. Show Answer Correct Answer: C) First-Mover Advantages. 13. Ana takes 30 minutes to wash the dishes and one hour to vacuum the house. Her husband, Joe, takes 15 minutes to wash the dishes and 45 minutes to vacuum. Who has the absolute advantage for vacuuming? A) Well. B) Joe. Show Answer Correct Answer: B) Joe. 14. Trade allows each country to take advantage of ..... in the other country. A) Worker productivity. B) Lower opportunity costs. C) Economies of scale. D) Specialization. Show Answer Correct Answer: B) Lower opportunity costs. 15. What is the formula for Net Export (NX)? A) $M-X$. B) $NX$. C) $X-M$. D) None of above. Show Answer Correct Answer: C) $X-M$. 16. What is an immediate effect for a country of a fall in its foreign exchange rate? A a fall in the money supply B an increase in purchasing power C cheaper imports D more competitive exports A) C. B) B. C) A. D) D. Show Answer Correct Answer: D) D. 17. A good that is brought in from another country for sale A) Export. B) Import. Show Answer Correct Answer: B) Import. 18. When a country liberalises its foreign trade (reduces trade protection), it may create unemployment in A) All industries of the economy. B) Industries that compete with imports. C) Industries that produce for export. D) Industries that produce only for the domestic economy. Show Answer Correct Answer: B) Industries that compete with imports. 19. Mr. Tony will go to Singapore for a business meeting. He came to a bank to exchange his IDR 75, 000, 000 for SGD. The selling rate of SGD is Rp 10.570 and the buy rate is Rp10.461Determine how many SGD Mr. Tony will receive from the bank? A) 7.095. B) 7.905. C) 7.065. D) 7.169. Show Answer Correct Answer: A) 7.095. 20. Shaima asked him several times because she wasn't sure, so he ..... that her contract would start in August. A) Explained. B) Said. Show Answer Correct Answer: A) Explained. 21. What does GDP refer for? A) The average money people lose in a year. B) The average money people spend in "wants and needs" in a year. C) The average money people steal in a year. D) None of above. Show Answer Correct Answer: B) The average money people spend in "wants and needs" in a year. 22. What does trade alter between broad groups, such as workers and the owners of capital?. A) Beneficial Trade. B) Real Wages. C) Specifics to Industries. D) Distribution of Income. Show Answer Correct Answer: D) Distribution of Income. 23. Chairs made in North Carolina are flown to Mexico. A) Import. B) Export. Show Answer Correct Answer: B) Export. 24. The remuneration that a family household can get for renting out the land it owns to the company is called ..... A) Rent. B) Wage. C) Interest. D) Profit. Show Answer Correct Answer: A) Rent. 25. Net exports equal A) Exports x Imports. B) Exports-Imports. C) Exports of services only. D) Exports + Imports. Show Answer Correct Answer: B) Exports-Imports. 26. Most of the world's merchandise trade is composed of trade in agricultural products. A) FALSE. B) TRUE. Show Answer Correct Answer: A) FALSE. 27. What type of international investment can describe as a "financial investment" ? A) Foreign direct investment (FDI). B) Foreign portfolio investment (FPI). C) Real estate investment. D) Goods investment. Show Answer Correct Answer: B) Foreign portfolio investment (FPI). 28. When a country experiences a depreciation of its currency, it can expect which of these to happen? A) Balance of trade to worsen. B) Balance of trade to improve. Show Answer Correct Answer: B) Balance of trade to improve. 29. Indonesia's first trade dispute case at the WTO as a defendant (respondent) in 1998 was related to..... A) Chicken import commodities. B) Automotive industry. C) Footwear products. D) Palm oil commodities. Show Answer Correct Answer: B) Automotive industry. 30. When a country imports more than exports, it will have ..... A) The trade fails. B) Trade surplus. Show Answer Correct Answer: A) The trade fails. ← 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