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International Trade Quiz 136 (25 MCQs)

Quiz Instructions:

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1. Example:In 1963, President Kennedy issued sanctions, which prohibited all trade with Cuba.
2. Who is the US's biggest trade partner?
3. What is most likely to discourage international specialisation and trade for an economy?
4. Smith's absolute cost advantage failed to explore in any comprehensive manner the _____ between two or more countries.
5. To focus on producing one thing to improve opportunity costs and efficiency is known as:
6. The headquarters of WTO is at _____
7. The price at which a currency can be bought or sold is its
8. Trade between two states in an economy is known as _____
9. Excess, greater amount than necessary
10. 3 types of trade barriers include:
11. How does international trade contribute to the efficiency of countries?
12. Cost advantages associated with large-scale production.
13. What is an essential government role in market economies?
14. A synonym of oversee
15. "Free trade is beneficial only if your country is strong enough to stand up to foreign competition." This statement belongs to what misconception in international economics?
16. In the coming years, Vietnam is expected to grow on:
17. An agreement among countries to reduce trade barriers is called:
18. In 2018, India lifted a ban on bean imports from Myanmar and allowed a limited number of beans to be imported each year
19. _____ is the amount by which the value of a country's exports exceeds the cost of its imports.
20. Which of the following is not an argument in favour of trade protection?
21. Trade facilitation refers to:
22. Most Governments intervene in international trade by implementing policies that promote
23. The difference in implementation between MFN and NT lies in_____
24. It tries to ensure that regulations, standards, testing and certification procedures do not create unnecessary obstacles.
25. What is the main responsibility of the Canadian Border Services Agency (CBSA)?
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