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International Trade Quiz 17 (25 MCQs)

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1. How the Creative Economy Provides Welfare to Society
2. What does the European Union ensure for all of its citizens?
3. The most important argument in favour of international trade is
4. Which of the following correctly identifies the difference between economic growth and economic development
5. Goods or services bought from foreign nations.
6. The importance of international trade was recognized by Adam Smith & David Ricardo
7. It means the seller is responsible for the goods until they are loaded. The seller must pay all costs related to getting the goods to port and onto vessel.
8. They provide certainty to apply the preference of tariff or non-tariff benefits, based on the regional manufacturing composition of a good. There is no standard for the determination of its formula, it depends on the interests and negotiations between the signatory countries of an FTA.
9. An open economy is _____
10. Which countries is NAFTA with?
11. One role of multinational corporations in globalisation is to
12. The most appropriate definition of trade protectionism is:
13. The U.S. limits the amount of wool suits that Macedonia can ship to the U.S.
14. Identify the theory that predicts that countries will export those goods that make intensive use of factors that are locally abundant.
15. The United States increases its imports from Europe. What will be the effects on relative value of the Dollar and the Euro on the currency exchange market?
16. What did Swedish economists Eli Heckscher and Bertil Ohlin identify as a determinant of advantage in trade?
17. According to the letter of credit, what are the role of banks?
18. Why have US gas prices gone down considerably?
19. What is a multinational company (MNC)?
20. A trade barrier utilized by countries may be
21. The danger of trade dependency is that _____
22. How are INCOTERMS in 2010 different from those in 2000?
23. Assume that all nations have low tariffs. Each country freely buys and sells to other countries. However, as a result of a rise in nationalism, each country imposes high tariffs. Which of the following would likely occur?
24. The role of the enterprise's service activity is to provide after-sale service and support.
25. What does WTO stand for?
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