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International Trade Quiz 120 (25 MCQs)

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1. Trade theory helps managers and government policymakers focus on these questions:What products should we import and export? How much should we trade? With whom should we trade?
2. What is the relationship between trade deficits and surpluses and a country's self-interest?
3. If the seller agrees to be responsible for the cost of insurance for transportation. What commercial terms must the seller choose as conditions in the sales contract?
4. Which are trade agreements:
5. Who focuses their attention on poor people in all countries?
6. In 1492, Christopher Columbus set sail with three ships namely, Nina, Pinta, and Santa Maria.
7. 6/ In the context of dynamic increasing profits, what is the primary focus of a company's strategy?
8. Saudi Arabia exports petroleum to Japan. Australia exports apples to Malaysia.Which aspect of international trade is important for this?
9. What is the definition of 'International Trade'?
10. What does HDI stand for?
11. It is the basic economic concept involving the buying and selling of goods and services.
12. A global coalition of nations that makes the rules governing international trade.
13. Countries who rely heavily on exports
14. What is the term for the difference in value over a period of time of a country's imports and exports?
15. (adj.) of, relating to, or involving the entire world; comprehensive
16. The fourth assumption of Comparative Advantage Theory:The level of _____ is fixed.
17. Maxicopolis can produce 100 bushels of wheat or 100 yards of cloth. Minicopolis can produce 100 bushels of wheat or 300 yards of cloth. Which city has an absolute advantage in the production of wheat?
18. Which of the following trade barriers are RARE to impose?
19. _____ refers to the tax imposed on imports.
20. _____ believes that international trade is characterized by interdependence and not dependence.
21. The following are strategies that must be implemented so that community products are accepted by the international market, except_____
22. Is this an example of discrimination?-Paul is a marketing employee who made several errors on his last project. To try and address this, Paul has been placed on a performance management plan to develop his skills. However Paul continued to make errors while on the plan. As such, Paul's daily duties have been changed while he was undergoing further training.
23. In which of these situations does Brent pay in foreign exchange currencies?
24. An _____ brings (goods or services) into a country from abroad for sale.
25. Why does the US have absolute advantage in trade over most nations?
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