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International Trade Quiz 126 (25 MCQs)

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1. Which method of protection always reduces the supply of an imported good to zero? A embargo B quota C subsidy D tariff
2. A trade barrier that sets a legal limit of imports
3. What is the main difference between a trade surplus and a trade deficit?
4. It means by which trade between countries is restricted in some way-normally through measures to reduce the number of imports coming into a country.
5. Tariffs are _____
6. _____ investing by setting up operations or buy assets in businesses in another country
7. Business broadly refers to transactions ranging in complexity from the exchange of baseball cards between collectors to multinational policies setting protocols for imports andexports between countries.
8. This approach is often summarized by the maxim "when in Rome do as Romans do"
9. These ports which originally developed as points on main sea routes where ships used to anchor for refuelling, watering and taking food items.
10. When the government places a tax on an imported good to protect a domestic good.
11. What is the primary benefit of international trade for a country's economy?
12. What is invisible trade?
13. How does international trade contribute to the exchange of cultural ideas and diversity?
14. Travel abroad is cheaper for American tourists.
15. Exchange rates among the currencies of the world change _____
16. The following is an activity that causes a foreign exchange of a country to increase _____
17. French people on holiday in Ireland are an example of
18. Which is NOT one of the reasons international trading is important?
19. Who controls the UN?
20. Why do dome countries try to limit imports?
21. Which of the following is NOT a feature of free trade?
22. Which is NOT a type of settlement in international trade?
23. The trade deficit is an economic condition in which a nation imports more than it exports.
24. Trade agreement between two nations
25. If free trade will benefit all nations in the long run, why do nations so often establish barriers, like tariffs, to make free trade impossible?
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