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International Trade Quiz 22 (25 MCQs)

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1. Contractual agreements between and among countries concerning their relationship
2. Which group is this?-Promote free trade through gradual reduction of tariffs.-Provide legal framework for negotiation of trade disputes.-fair competition will lead to a higher standard of living-committed to economic development.
3. "Nothing is agreed until everything is agreed" is a term used to emphasize_____
4. According to the method of payment, all are the role of banks, except
5. Tax set on imported goods
6. In 2020, the Trump government increased the tax rate for Chinese cotton products. What type of trade barrier is it?
7. With an exchange rate of 0.73 euros for 1 dollar, a US company is able to purchase 100 trucks from Germany. If the exchange rate shifted to 1 euro for 1 dollar, what would happen to the price the US company would pay for trucks?
8. What is an example of imports?
9. GATT was transformed into WTO (World Trade Organisation) on 1st January _____
10. A decrease in the value of a currency; it takes more of your currency to buy another
11. Provides financial support for global public goods that support the well being of poor people
12. A quota can BEST be described as
13. The following are reasons for engaging in international trade EXCEPT
14. Which is NOT an advantage of international trade
15. Which of the following are part of international trade?
16. Assume that the government wants to borrow more money than before. How would this affect the loanable funds market?
17. The food aid was distributed _____ per family, with larger families receiving more
18. If the equilibrium exchange rate changes so that it takes more dollars to buy a British pound, then-
19. What are the two components of international trade?
20. In which year did COVID-19 break out?
21. The WTO argues that removing tariff barriers and subsidies in theagricultural sector could:
22. Trade between different regions or countries
23. What is the WTO? (World Trade Organization)
24. What is the economic term that describes international trade that is not controlled or affected by any legal restrictions?
25. _____ 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.
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