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International Trade Quiz 150 (25 MCQs)

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1. When a nation's economic policy protects infant industries, hurts domestic workers, labor standards are not the same, and to protect national security.
2. Trust Receipt is a financing available to importers (buyers) only.
3. A balance of payment (BOP) shows the monetary transactions in visible and invisible trade between a country and the rest of the world over a period of a year. Transactions are marked either as _____
4. When will the imposition of a tariff by a country on the goods and services of its major trading partners reduce the country's expenditure on imports? A when the income elasticity of demand for imports is greater than 1 B when the price elasticity of demand for imports is greater than 1 C when the price elasticity of demand for imports is less than 1 D when the price elasticity of supply of imports is greater than 1
5. When can a shipment be placed on Temporary Admission?
6. Both tariffs and import quotas raise domestic prices, reduce the welfare of domestic consumers, increase the welfare of domestic producers, and cause deadweight losses.
7. Australia exported more than $337 billion in goods and services in 2016, amounting to one fifth of our economic activity.
8. What organization was created in an effort to encourage free trade?
9. The impact of a dispute resolution decision at the WTO that has been completed is:
10. The US and Nigeria are having a dispute concerning regulations on cotton imports. Which group listed below will help settle this dispute?
11. What is the effect of a tariff on Producer Surplus?
12. Thai Bahts = 5 Danish Krones2019-15 Thai Bahts = 5 Danish Krones Which of the following is true given the change in currency value above?
13. A tax of 15 percent per imported item would be an example of a (an):
14. What is one of the principal use of gravity models?
15. Which of the following is NOT an example of a trade barrier?
16. Trade between two or more than two countries is known as _____
17. Which country did the United States put an embargo on in 1980?
18. What type of exchange rate allows market forces to determine its exchange rate?
19. What happens to the price of oil when OPEC countries decide to limit production?
20. Which of the following are reasons for trading internationally?
21. Which of the following is a result of the transportation and logistics industry's role in international trade and commerce?
22. The North American Free Trade Agreement proposed free trade between the United States and which of the following?
23. Which of the following is not a benefit to free trade?
24. _____ is a type of international trade which involves the sale of goods or services produced in one country to another country.
25. According to mercantilism, what should a country's primary goal be?
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