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International Trade Quiz 24 (25 MCQs)

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1. Interest rates in Japan have increased and are now higher than US interest rates. What would happen the value of the dollar?
2. What is the main purpose of tariffs in international trade?
3. What happens to an importer's and an exporter's businesses when the exchange rate depreciates?
4. An industry is characterized by scale economies and exists in two countries. In order for consumers of its products to enjoy both lower prices and more variety of choice
5. The fifth assumption of Comparative Advantage Theory: _____ don't vary within the level of production and are proportional to the amount of _____ used.
6. Another term for craft is_____
7. When something gives a location an initial advantage in a given industry, _____ "lock in" this advantage even after the circumstances that created the initial advantage are no longer relevant.
8. What are administrative trade policies?
9. The world price of feta cheese is above the domestic price in Greece in the absence of trade. With free trade, Greece would become an _____ of feta cheese.
10. Delivery of goods using containers where the delivery of goods in 1 container is owned by more than one sender (seller) and addressed to several consignees (buyers), is called_____
11. What is one advantage of establishing trade barriers rather than allowing free trade?
12. Buying and selling goods across borders
13. Because of international trade, there is a wider variety of goods available.
14. Country A produces a ton of coffee using one unit of resources. Country B produces two tons of coffee using one unit of resources. Which of the following is true regarding Country A and Country B?
15. Trade restrictions hurt
16. What is the purpose of tariffs?
17. This instrument in Trade Policy is a policy that partially or entirely restricts the export of a good.
18. If the level of imports (M) exceeds exports (X) then the level of economic activity (output and income) will
19. Laws which recognize health and safety requirements on imported goods
20. What is comparative advantage in international trade?
21. Trade Deficit occurs when:
22. In how many cases can the insured refuse to accept the insured amount?
23. Negotiation activities are necessary if:
24. Which country are not a member of WTO?
25. What are multinational corporations (MNCs)?
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