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International Trade Quiz 145 (25 MCQs)

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1. Experts in the details of exporting goods
2. In a freely floating exchange rate system the exchange rate of a currency is determined by
3. The dual ownership arrangement may lead to conflicts. What is it?
4. Government imposed limit on the quantity of a good or service that can be sold (imported) in their country
5. Was established in 1945
6. True or False A quota is A limit on the quantity or value of goods that a country can import.
7. An example of trade liberalisation is:
8. Scottish economist who contributed the theory of Absolute advantage
9. For any means of transport
10. The recent world recession has resulted in a decrease in spending by tourists visiting the US. How would this be recorded in the current account of the US balance of payments? A a decrease in services exported B a decrease in services imported C an increase in services exported D an increase in services imported
11. The economy performs best with targeted government intervention to ensure 3% economic growth per year
12. A US car dealer agrees an import price of US$25 000 for a Japanese car at the current rate of exchange. The US dollar then strengthens by 10% against the Japanese yen. What will be the new import price paid for the Japanese car? A US$20 000 B US$22 500 C US$25 000 D US$27 500
13. General exceptions in trade in goods include, among others, those related to_____, except:
14. What are payments the government gives to some businesses to make up for their losses called?
15. A country has experienced a devaluation of its currency.What are the likely results of the devaluation?
16. 'The absence of restrictions to the flow of goods and services among nations.' Which of the following is referring to this phrase?
17. Country X decides to buy automotive products from country Y because it costs more to produce their own automotive products. This indicates that there are factors driving international trade, namely _____
18. Who will be hurt by a tariff on medicine coming into the US.
19. Who is the proponent of the Principle of Absolute Advantage?
20. Tax on imported goods is known as
21. Which country is the largest IMPORTER?
22. Serving as the focal point, coordination centre and think tank for the nation's automotive industry
23. Which two of the following arguments are most likely to be used to justify protectionism?a) To protect high cost domestic industriesb) To protect strategically important industriesc) To protect industries which are still immatured) To maximize government tax revenuee) To protect environmental standards
24. If a country wanted to implement a barrier to trade that would help its producers AND consumers, which option would be best?
25. When imports are greater than exports
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