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International Trade Quiz 155 (25 MCQs)

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1. Increases competition, allows domestic goods to be sold all over the world, allows country to expose comparative advantage through specialization.
2. Which are known as the advantages of international trade?
3. Which two of the following are arguments used by critics of free trade?a) Free trade does not take into consideration productivity differences between countries b) Free trade may lead to unemployment c) Free trade often ignores the effects of monopoly elements on consumer welfare d) Free trade can only work within trading blocs e) Free trade reduces international specialization
4. Exchange rates show the value of one country's currency in relation to other countries' _____
5. Shipping allows timber products companies to expand their business growth and their ability to stay competitive in marketing their niche products in the long run.
6. Which of the following situations would allow agents to gain from specialization and trade with one another?
7. Purpose:To prevent too much of a good from entering a country
8. When you state the price of a nation's currency in the terms of another nation, it is called what?
9. When a country looks at the opportunity cost to produce an item and chooses to produce those things they can make better than other nations.
10. The North American Free Trade Agreement has resulted in the loss of many American jobs and a decline in trade.
11. SAFTA came into existence in year _____
12. If I am better at all types of production, I have the _____ in all forms of prodcution.
13. I would be grateful if you could let me have a detailed _____ including prices and delivery terms.
14. A key to trading is specialization. Which of the following in an incorrect association between a country and what they specialize in producing.
15. A U.S. auto manufacturer plans to relocate plant operations to Mexico as a result of the North American Free Trade Agreement (NAFTA). Which criticism of free trade agreements would be based on this relocation?
16. What is the purpose of free trade agreements?
17. What is the principle that states should specialize in trading goods that they produce with the greatest relative efficiency and at the lowest relative cost?
18. What are quotas?
19. On way in which a government can intervene in order to maintain the value of a falling exchange rate is to
20. Japan's leading commodity
21. When the economies of multiple countries rely on each other, it is called
22. The U.S. requires that all imported goods be marked with the name in English of its country of origin
23. The relationship between customers and suppliers as_____
24. Which of these factors have influenced globalisation?
25. President Trump has enacted tariffs against China and a lot of people worried that China might retaliate and enact tariffs against the U.S. What is this event called?
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