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International Trade Quiz 12 (25 MCQs)

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1. Financial assistance granted by a government or philanthropic foundation to a person or association for the purpose of promoting an enterprise considered beneficial to the public welfare.
2. Malaysia and Indonesia specialise in the production of palm oil.What is a disadvantage of specialisation?
3. The country of Joetopia produces 4 billion gallons of cola, while the country of Amystan makes 400 million gallons of soda. Joetopia has an Absolute Advantage.
4. The results of job characteristics theory are_____
5. All of the following are terms used to describe limitations on trade except?
6. The countertrade is a reciprocal buying agreement.
7. _____ production requires less labor than_____ production.
8. It can include the gathering of information, negotiating, and enforcing contracts.
9. Economic arrangements that eliminate barriers to trade and investment between countries are known as
10. Foreign Exchange Rate
11. Producers benefit from exports because they cause the
12. A production possibility frontier BEST illustrates the concept of
13. What does it mean when an economist says a currency is stronger?
14. Which one of the following explains changes in the pattern of trade between the UK and the rest of the world
15. Baseball bats made in Kentucky are used by baseball players in Japan.
16. The ability to produce more of a given product than someone else
17. The character who issued the book The Wealth of Nation is _____
18. An official document needed by customs for goods leaving or coming into a country
19. Suppose the exchange rate between the United States and Mexico changes from $1 = 10 Peso to $1 = 15 Peso. What most likely would happen to the price of American goods in Mexico?
20. A limit on the number of cars that can be brought into the country
21. Chuck believes that his business has grown because of his personal involvement in every step of the way. What advice do you offer Chuck as he continues to expand his business in new Asian markets?
22. Balance of Trade is a statement that captures the country's _____ and _____ of goods with the remaining world.
23. Which of the following statement is true about Comparative Advantage theory?
24. An advantage of specialisation:Global output is increased and living standards are raised.
25. India IS the world's fastest-growing large economy
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