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International Trade Quiz 19 (25 MCQs)

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1. The worth of the countries money in terms of another country
2. When countries create tariffs, they _____
3. Before reading this chapter, to what extent did you prefer to buy products made in your own country?
4. Who was know as the father of modern economics and believed in capitalism?
5. A statement that is NOT a scope of international trade activities is _____
6. What are the key concepts of international trade?
7. It can hurt developing countries as it can be difficult to complete with the world powers
8. Which of the following is FALSE about the internal economies of scale?
9. This term means thtat the seller must pay all costs related to getting the goods to port and onto the ship.
10. What are some barriers of international trade?
11. An import tariff of $10 per unit of imported good imposed by a large country
12. _____ defines the detailed obligations of both commercial parties in relation to the payment, not only the form of payment and when and where this payment shall be made by the buyer, but also the obligations of the seller to deliver according to the contract.
13. Which of the following can be considered a negative consequence (or cost) of implementing protectionism in the short run?
14. Goods and services sold to other countries.
15. The policy of imposing duties or quotas on imports in order to protect home industries from overseas competition
16. In most cases, what determines the goods and services a country decides to export?
17. The ability of a country to produce goods at a lower opportunity cost than another country is called
18. When one producer can create a given amount of output with fewer inputs, what exists?
19. What is a benefit of a tariff?
20. Today, countries seen by others as trying to maintain a trade surplus and expand their national treasures at the expense of other nations are accused of practicing _____
21. _____ strategy enacted by governments and central banks to keep economic growth stable, along with price levels and unemployment.
22. Comparative advantage:Because each nation has limited natural resources, a country must weigh its best options or _____ when using natural resources to produce a particular good or service for export
23. The British pound, the yen, and the euro are examples of _____
24. If you travel to a foreign country, buy an ice cream cone at a street stall, and pay with a credit card (which has a foreign currency settlement function), is this behavior considered international trade?
25. What is the purpose of a voluntary export restraint (VER)?
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