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International Trade Quiz 138 (25 MCQs)

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1. Assume that the terms from trade are 1 coffee for 1 tea. Who benefits from this trade?
2. Japan has a 100% tariff on Corvette imports. If a Corvette costs $80, 000.00 in the United States, how much would a Japanese person pay for it? Would this increase or decrease U.S. exports to Japan?
3. Pineapples grown in Eleuthra sold in Hawaii
4. Which of the following would appear as a credit item in the UK current account balance?
5. Countries use several different techniques to protect industries from the harmful effects of trade _____ Tariffs are one of the most common barriers to trade.
6. A _____ is a group of countries that eliminate all tariffs on trade among themselves but maintain a common external tariff on trade with countries outside the union
7. This theory explains what has happened for products like photocopiers and a number of other high technology products developed in the US in the 1960s and 1970s.
8. Look at the table enclosed. Which of the following has been incorrectly matched.
9. Which issues are coverred under scope of trade liberlization under WTO Agreements
10. An expansionary fiscal policy would take these measures except
11. A country is encouraged to produce those goods or services where they have an absolute advantage or comparative advantage
12. U.S. exports provides/sells about _____ of world's total exports.
13. Financial sector relates to Australia's trade with other nations.
14. Which mean is less expensive?
15. The Sri Lankan government decides to offer financial support to local firms. Of what is this an example? A a quota B a subsidy C a tariff D exchange control
16. Economies of scale are the reduction in costs of production achieved through increased output.
17. The Vent/ Outlet for Surplus' doctrine of Adam Smith can have serious adverse repercussions on the growth process of the _____ that do not sell their surplus produce in foreign markets but are constrained to export despite domestic shortages for the reasons of neutralising their balance of payments deficit.
18. The volume of products remained fairly _____ until the mid 1980s.
19. Exchange of goods and services is called
20. Provides defense for a group of countries within a region against tariffs and other trade barriers Canada-European Free Trade Associationfree trade agreement among Canada and the EFTA countries
21. What would happen if the European Union (E.U.) put a quota on American jeans and only allowed their countries to import 5, 000 pairs of jeans?
22. Price quoted to the buyer, signifying the buyer pays separately for insurance
23. This theory is also known as the Factor Endowment Theory
24. What is the collection documents in International trade?
25. Protectionism is part of free trade, some of the time.
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