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International Trade Quiz 19 (30 MCQs)

Quiz Instructions

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1. What are the two components of international trade?
2. In which year did COVID-19 break out?
3. The WTO argues that removing tariff barriers and subsidies in theagricultural sector could:
4. Trade between different regions or countries
5. What is the WTO? (World Trade Organization)
6. What is the economic term that describes international trade that is not controlled or affected by any legal restrictions?
7. ..... regulate international trade between two or more nations it may cover all imports and exports, certain categories of goods, or a single category. The United States is currently engaged in some 320 trade agreements with various nations.
8. The theory of absolute advantage destroys the mercantilist's idea that international trade is:
9. To provide financing as well as business advisory services to Malaysian SMES
10. A country with a Trade Surplus:
11. Multilateral agreement regulating international trade
12. Imports are no longer restricted
13. These are also known as ferry ports.
14. What is the main purpose of imposing tariffs on imported goods?
15. A ready-to-use business that allows immediate operation is
16. A country has a fixed exchange rate. What is likely to result in a deterioration in its balance of payments? A a decrease in interest rates in foreign countries B a decrease in the country's interest rates C a decrease in the country's National IncomeD an increase in the income of foreign countries
17. An exchange rate is
18. Suppose two countries are each capable of individually producing two given commodities. Instead, each specializes by producing the commodity for which it has a comparative advantage and then trades with the other country. Which of the following is most likely to result?
19. Why is it easier to identify the costs than the benefits of international trade?
20. Spend some time driving in Detroit, MI-the Motor City-and you're sure to see bumper stickers with messages like "Buy American" or "Out of a job yet? Keep buying foreign!" or "Hungry? Eat your foreign car!" Explain these bumper stickers in light of what you've learned:Who is hurt most by imported automobiles?
21. GATT now been replaced by .....
22. What is the main reason behind introducing Euro as common currency
23. What is a benefit of specialization in trade?
24. An international payment method in which payments are made between a buyer and a seller in which the buyer receives the goods sent by the exporter and then makes payment at the end of the agreed credit period. The credit term can be of fixed duration-30 days, 60 days, 90 days, etc.
25. The activity of selling goods from within the country to abroad
26. A company may prolong a product's life cycle through international marketing by exporting a product that is in the standardize stage in its home market to a foreign market with high growth prospects .....
27. Those goods, raw materials, and services that are produced in one country and then sold in another
28. A transaction that takes money out of a country
29. Which two of the following are the most likely effects of the imposition of a tariff on an imported good?a) The domestic price of the imported good will fall b) Overseas production of the good may be stimulated c) Overseas employment will rise d) The domestic price of the imported good will rise e) Gain of tax revenue by the government
30. What PRIMARILY determines the point a producer chooses on their production possibility frontier?
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