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International Trade Quiz 159 (25 MCQs)

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1. American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Which country has a comparative advantage in producing cars?
2. The theory of specializing in what we can do fastest and cheapest is called
3. Everybody was confused by the end of the presentation so the professor _____ that the programme would start in December.
4. New Zealand goods are very expensive. Norway's goods are cheaper. What would happen the level of GDP of each country if they entered into a trade agreement?
5. Who has the Comparative advantage in Coffee?
6. Rich countries have deficit in their balance of payments
7. What are the seven main instruments of trade policy?
8. The _____ is a trade agreement between Canada, Mexico, and the U.S.
9. Country will produce only ONE product that it has absolute advantage. This refers to:
10. 9/ In the context of international trade with external economies, what is the primary driver of specialization and trade patterns among countries?
11. Wha does Literacy rate refer to?
12. Which on of the following is a main characteristic of a less-developed economy
13. Which will increase exports in a country?
14. It is a characteristic of a society with a high degree of division of labor, where people depend on each other for goods and services required to sustain life and living _____ ?
15. Which one is not the activity of Trade in goods?
16. The North Pole's currency can buy more stuff than Jupiter's currency. The North Pole's currency is
17. What is the impact of international trade on employment?
18. Arab league is an example of a
19. If a production possibility frontier intersects the x-axis at 5 units then the
20. It's a contract or agreement between an exporter and a transportation company. It contains a list of the goods being carried and it must remain with the merchandise at all times.
21. How many formats are there in INCOTERMS 2020?
22. Which of the following was the most important in creating the global economy that exists today?
23. Which of the following factors will bring rapid growth to international trade? I Lower corporate tax rateII Reduce non-tariff barriersIII Implement rules on foreign exchange controlIV Improve the efficiency of communication and transportation
24. Explain the concept of import quotas.
25. Culture contains various understandings so it is called_____
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