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International Trade Quiz 29 (25 MCQs)

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1. International Trade allows countries to specialise
2. _____ refers sale of good abroad at a price below their cost and below the price charged in the domestic market.
3. What year that the 44 countries attended the conference to restructure International Finance and currency relationship?
4. Insurance guarantee is_____
5. According to the factor price equalization theorem, the owners of _____ factor should oppose free trade policies in any given country
6. If there is only a single seller or supplier in a market, this is called
7. The characteristic of a society in which people rely on others for most of the goods and services they want.
8. The part of a nation's balance of payments accounts that deals only with its imports and exports of goods.
9. What is the domestic employment argument for government intervention in international trade?
10. How many types of risk insurance are there in international trade?
11. A reduction in the maximum limit of one type of allowed subsidies called?
12. Focuses their attention on 144 of the world's trading nations
13. What is the term for a government policy to abolish or relax a law or rule concerning some aspect of business?
14. How do trade barriers affect consumers and producers in a country?
15. What would happen to the prices of American goods in Japan if the exchange rate between the United States and Japan changes from USD1=100 yen to USD1=110 yen?
16. Leontief results were considered paradoxical because the United States was believed to be
17. What is a tax paid on imports?
18. Mercantilism is a belief, popular in the ( ), that national prosperity results from maximizing exports and minimizing imports.
19. Which statement is not a valid justification for an import tariff? A A tariff will prevent imported inflation. B A tariff will prevent unfair foreign competition. C A tariff will protect a developing industry. D A tariff will protect an industry in decline.
20. What is the term for when the value of a country's exports is greater than the value of its imports?
21. What is the term for the true cost of something, which includes what has to be given up in order to obtain it?
22. An excess of imports over exports
23. Japan exports Toshiba Computers to the United States, and the United States exports Apple Computers to Japan. This is an example of _____
24. A large portion of trade both within and between nations is driven by external economies.
25. Which mean takes more time to arrive to the destiny?
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