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International Trade Quiz 34 (25 MCQs)

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1. The theory of _____ maintains that a country's wealth is measured by its holdings of gold and silver.
2. Assume the United States has an absolute advantage over Singapore in the production of all goods. Which statement about trade possibilities between the two countries is correct?
3. Which cannot measure economic globalization
4. When Chile decided to ban the import of all apples coming into their country from the United States, this is an example of which trade barrier?
5. Trade Policy is formed to protect and promote locally produced goods.
6. What action would the Federal Reserve take to control inflation?
7. Which is not related to international trade?
8. Which factor is the basis for the theory of comparative advantage?
9. The French government gives french wheat farmers money for every acre of wheat that they grow. Which type of trade barrier is this?
10. Which one of the following is an embargo?
11. What is the primary purpose of the European Union (EU) in the context of international integration?
12. Which policy would best enable a government to encourage greater specialisation in the use of its country's resources? A encouraging diversification in industry B protecting small businesses C reducing tariffs on imports into its country D subsidising job creation in rural areas
13. One of the following trade blocs is NOT composed of Latin American countries:
14. Which statement is not a valid reason why a country may impose protectionist measures? A to allow a newly developed domestic industry to grow to a viable size B to enable a country to retain control of an industry it regards as being of strategic importance C to give consumers a wider choice of goods and services D to give time for workers in a declining domestic industry to find alternative employment
15. Japan now produces over half of the wrist watches available for sale in the United States. Suppose the United States government places a quota on foreign watches. Which of the following would result from change in quota on wrist watches.
16. Factors driving international trade
17. It means the price includes the cost of goods and transport charges to the destination port.
18. The US imposed tariffs on cars and motorcycles from Germany. What is the effect of these tariffs? A decrease in inflation in the US B decrease in trade between the US and Germany C increase in profits of car and motorcycle producers from Germany D increase in standards of living in the US and in Germany
19. Which of the following applies to a real-world socialistic economy?
20. U.S. is referred to the bread basket of the world because _____
21. _____ deals in a large number of goods.
22. What does the word INCOTERMS refer to?
23. The longest running embargo is?
24. Why do companies export goods?
25. Why is the market of each country different?
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