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International Trade Quiz 144 (25 MCQs)

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1. What is not associated with greater economic integration between countries? A increased financial flows B increased quotas C increased trade creation D increased trade diversion
2. A disadvantage of specialisation:Specialisation can have negative impacts on a country's economy. For example, if a country begins to specialise in a particular industry, other industries may decline, and workers from those industries may struggle to get work (as they might not have the relevant skills).
3. The cheap foreign labor argument is a legitimate argument against free trade because cheap labor leads to lower costs of production.
4. An individual decides to reduce their spending and save more of their income this is a _____ and _____
5. This is the exchange of capital, goods and services across international borders and territories.
6. Because of international trade, goods are available at a cheaper cost.
7. Using a tariff to protect developing industries until they mature and are able to compete with foreign firms benefits all consumers and producers in the domestic country.
8. According to the law of comparative advantage, a nation should
9. Choose the correct answer: "International Trade is _____ "
10. When we add the visible balance to the invisible balance, the new figure is called
11. A tax that is designed to create funds for a government is called
12. The following are considered Remittance Modes of Payment except _____
13. Which one of the following is a main feature of a customs union
14. Which of the following was NOT a goal of the GATT as stated in the presentation?
15. Definition of Bargaining
16. 2/What is the ambiguous effect on external economies?
17. What are important details to consider when determining Duty and Tax rates for goods?
18. Trade based on external economies has a/an _____ on national welfare.
19. One of the BRICS, characterized by its young growing population, abundant natural resources and manufacturing industry
20. When the dollar falls in relation to foreign currencies, American consumers can buy imported goods more cheaply.
21. Rules used to try to limit trade with other countries
22. _____ is known as a tax levied on goods passing through the country.
23. The least affected sectors were:agriculture, livestock, hunting, forestry and fishing?
24. Which of the following scenarios would cause the nation's money supply to increase?
25. The principle that provides flexibility for member countries of the group of developing countries to provide mutual benefits is called:
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