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International Trade Quiz 23 (30 MCQs)

Quiz Instructions

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1. The second assumption of Comparative Advantage Theory:In each nation, ..... is the only input.
2. Which organization placed an embargo on the sale of oil to the US in 1973 as a way to punish the US for its support of Israel in the Yom Kippur War?
3. Special tax placed on foreign goods sold in the United States
4. ANLA, in Colombia, has authorised the piloting of fracking, sustaining that it is acting in ..... with the ..... law.
5. International Trade Policy (export sector), except
6. The ability to produce a good by using fewer inputs or by creating more outputs than another producer
7. In 2015, China was the world's largest exporter of manufactured goods and a major importer of oil and minerals. China devalued the yuan (renminbi) by 2%. According to economic theory, what would have been a consequence of this devaluation? A China paid less in foreign currencies for imports. B China reduced its demand for oil and minerals. C China's exports became less competitive. D China's trading partners improved their balance of trade with China.
8. Which of the following international trade and commerce activities is related to logistics and transportation?
9. Countries usually impose restrictions on free foreign trade to .....
10. ..... is the earliest theories on international trade.
11. What is the name for the difference between a country's exports and imports of goods and services?
12. How has globalization created opportunities for e-commerce businesses?
13. International trade amounts to a sixth of the total economic activity in the world. About $ ..... of goods and services cross international borders each year.
14. The country of Israel prohibits the importation of meat and meat-products that are not certified kosher by the Chief Rabbinate of Israel. This is a type of which of the following?
15. Which one of the following is a negative consequence of globalisation for less-developed countries
16. Benefits of tariffs:
17. A developing country's two major sources of income from international trade are fishing and tourism. If the country's exchange rate depreciated, what is likely to happen?
18. What is a 'Fixed Exchange Rate'
19. Countries in a monetary union
20. 'Fail to account for international transportation costs, ' is one of the limitations of early trade theories.
21. It is a place where goods are stored after shipping, but before the payment of duties of those goods.
22. Which of the following is true of Logistic Laws?
23. These tariffs, quotas, and trade barriers are used to protect local firms. These barriers are imposed to countries depending on the countries political and diplomatic relationships.
24. Rules of Origin are the main pillars in determining tariffs for member countries of the Trade Regime
25. What is the role of customs brokers in a country?
26. What is MOST LIKELY to happen to US imports and exports if the US dollar appreciates relative to other currencies?
27. This is the cost of one good in terms of the reduced production of another good. It is the value of the next best thing given up when you make a choice.
28. Which trade terms pose the highest risk for Exporter?
29. What is a true statement about how specialization increases productivity in a nation?
30. Under documentary collection, the buyer's bank guarantees payment to the seller.
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