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International Trade Quiz 31 (30 MCQs)

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1. It is a basic economic concept involving the buying and selling of goods and services.
2. Travel Associations that are concerned with the promotion and development of tourism globally is the rapid expansion in tourism activity globally was responsible for creating a need for world bodies to deal with tourism issues at the government level.
3. Seen from a broader perspective, political risk could be divided into differentunderlying causes, such as:except
4. Which union promotes peace through loans, education and other forms of aid?
5. Example of visible trade
6. Which of the following is the purpose of a trade bloc?
7. How does a strong pound affect exports?
8. What is an advantage of specialisation at a national level? A an increase in economies of scale B an increase in social cost C an increase in unemployment D an over-exploitation of resources
9. After World War II, advance countries, agreed to lower tariffs to promote free flow of goods through Global Agreement on Trade and Tariff (GATT).
10. Which of the following is NOT a legitimate argument for protectionism?
11. Why do many governments in countries with market economies control or outlaw monopolies?
12. These are government policies that restrict international trade to help domestic industries.
13. Which is NOT a step in the exporting process?
14. In the Product Life Cycle, this is the stage wherein product sales drop significantly, and consumer behavior changes. The company's product loses more and more market share, and competition tends to cause sales to deteriorate.
15. Ensures cheapest prices for consumers
16. Exceptions made between participating countries in regional economic integration, among others, aim to:
17. What impact might a $ 5 billion investment by a European business in Kenya have an economic growth in Keya?
18. What is the rational strategy for Australia to promote economic growth and higher living standards?
19. Which country can join CPTPP?
20. Which economic theory argues that a country should focus on exporting goods it can produce most efficiently and import goods it cannot produce efficiently?
21. All countries in the world have to trade with each other because of differences in specialization and technological know how, climate and
22. Our dependence on foreign oil still causes concerns in many sectors because if the supply was disrupted for any reason, it could cause severe supply shocks in the economy.
23. Which term refers to the total value of a country's exports and imports of goods and services?
24. Sophie and Lily are two individuals on Paradise Island. If Sophie has an absolute advantage, then
25. What does the theory of comparative advantage assume about perfect information?
26. Nations trade because there is uneven distribution or availability of economic resources (land, labor, capital, and entrepreneurial abilities.
27. What is necessarily involved in international free trade? A the absence of transport costs B the gift of foreign aid from charities C the supply of zero interest rate government loans D the unrestricted exchange of goods and services
28. The opposite of trade protectionism would be .....
29. When did the trade war between China and the United States begin?
30. Foreign competition is unfair and hurts other countries when it is based on low wages." This statement belongs to what misconception in international economics?
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