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International Trade Quiz 38 (25 MCQs)

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1. Which term refers to the total value of a country's exports and imports of goods and services?
2. Sophie and Lily are two individuals on Paradise Island. If Sophie has an absolute advantage, then
3. What does the theory of comparative advantage assume about perfect information?
4. Nations trade because there is uneven distribution or availability of economic resources (land, labor, capital, and entrepreneurial abilities.
5. 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
6. The opposite of trade protectionism would be _____
7. When did the trade war between China and the United States begin?
8. Foreign competition is unfair and hurts other countries when it is based on low wages." This statement belongs to what misconception in international economics?
9. International trade provides a better flow of resources (land. labor, capital, entrepreneurial abilities). The excess supply resources could be used by other countries who needed it the most.
10. What is likely to cause a rise in a country's foreign exchange rate?
11. Why do all societies have to make decisions about how resources will be used?
12. Which of the following is one of the four elements discussed in the theory of national competitive advantage?
13. What was the baccalaureate obtained by your professor in this subject at UP Diliman?
14. What are problems a country/ government handles with a another country?
15. ProCredit Bank has had a healthy credit _____ and consistent profitability, even in times of financial crisis.
16. Farmer John has a pistachio farm. It takes him 5 hours worth of work to harvest 1 pound of nuts. Farmer Rick also has a pistachio farm. It takes him 10 hours worth of work to harvest 1 pound of nuts. Finally, Farmer Erica owns a third pistachio farm. She can harvest 1 pound of nuts in 2 hours. Who has the absolute advantage in this example?
17. Suppose you apply to study as a graduate student in a foreign country, but during the Covid period you can only take classes online and pay the tuition fee. Is this considered international trade?
18. At present, one unit of a country's currency exchanges for US$1.2. The country aims to set its exchange rate equal to US$1.0. Which combination of government actions in the foreign exchange market must achieve this aim? A buying US currency and buying its own currency B buying US currency and selling its own currency C selling US currency and buying its own currency D selling US currency and selling its own currency
19. The principles of business ethics include _____
20. Companies can produce goods for the domestic market as well as the foreign market. Is this a benefit or cost of free trade?
21. Offices and manufacturing plants established abroad by domestic businesses
22. Which trade policy seeks to reduce or eliminate trade barriers between member countries?
23. I can't remember exactly what he said but I'm sure he _____ something about the new sales rules.
24. What is the principle by which one state promises to give another state the same treatment given to its most-favored trading partner?
25. What is a potential misconception about international integration?
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