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International Trade Quiz 39 (25 MCQs)

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1. Which of the following is not a reason of international business?
2. Who is correct about the World Trade Organization (WTO)? Avery says it promotes protectionist policies. Elijah says it eradicates protectionism. Rohan says it regulates international financial transactions. Another student says it supports environmental protection.
3. Safeguards or security measures are policies that allow a country to carry out_____ concessions and other obligations under GATT, under certain circumstances and conditions.
4. Importing and Exporting are needed because countries specialize.
5. What is the purpose of a free-trade zone?
6. Sources of comparative advantage
7. A limit on the quantity of a good that can be exported from a country during a specific time period; a type of trade barrier.
8. Explain the concept of protectionism in the context of international trade.
9. Which of the following allows countries which are members to impose a uniform tariff on trade with countries which are not members?
10. Which of the following is an example of absolute advantage?
11. Which of the following is the purpose of commercial invoice in the international trade?
12. Any product that is bought from the global market.
13. _____ reduces trade barriers and encourages trade between countries.
14. Which of the following was instrumental in creating the global economy that exists today?
15. Regional trading block assosciated with trade in petroleum is _____
16. The growing increase in international trade along with the development of technology has fostered
17. Imagine that Russia banned the import of beef from Sweden, and in response, Sweden levied a 100 percent tariff on fish imported from Russia. These nations are probably involved in a(n)
18. When a nation produces some goods but also imports some goods,
19. Opposite of 'decrease'
20. Inflow of Goods and Service is called as
21. What is the balance of payments?
22. This benefit tends to increase at a much greater rate than the growth in world trade, helping boost technology transfer, industrial restructuring, and the growth of global companies.
23. South Africa can produce 1 barrel of oil using 3 units of land and can produce 1 karat of diamonds using 1 unit of land. On the other hand, Saudi Arabia can produce 1 barrel of oil using 1/2 unit of land and can produce 1 karat of Diamond using 6 units of land. Which country has comparative advantage in diamond production?
24. What is one of the main goals of the transportation and logistics industry related to international trade?
25. He food aid was distributed, , , , , , , , , , per family, with larger families receiving more
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