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International Trade Quiz 4 (25 MCQs)

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1. What is the main benefit of international trade in terms of consumer choice?
2. An economy will be indifferent as to what goods that will be produced when the relative price of that good is _____ to its opportunity cost.
3. Why are quotas an example of protectionism?
4. Many engineers of the 1970s made great computers, but only a few were, , , , , , enough to see the business possibilities in the new machines
5. Deals with the rules of trade between nations, reduce trade barriers such as tariffs and quotas
6. What picture shows a service usually provided by the government?
7. The first fur products are made from cat's fur.
8. Trade barrier which imposes extra cost on imports to protect local businesses
9. What is the most likely effect of a United States import quota on foreign cars?
10. Payments or other support like tax breaks from governments to businesses
11. What is the basis of trade?
12. The activity of trying to persuade someone in authority, usually an elected memberof a government or an organization, to support laws or rules that give your institution or industry an advantage:
13. How many Starbucks stores were opened across Australia by the year 2000?
14. The purpose of dumping is
15. Imports increase and are cheaper for consumers to buy.
16. Tools, equipment, or other manufactured goods used to produce other goods and services are known as:
17. Firms that establish a first-mover advantage may dominate global trade in that product.
18. International trade takes place because of:
19. An advantage of international trade:Countries can't produce all the things they want or need because resources are unevenly distributed
20. Which is NOT a challenge of multinational companies
21. Foreign exchange market is necessary in international trade because
22. Which image represents a person formulating a plan?
23. Elijah's family exports tea, Hannah's family sells candles, and Benjamin's family trades crafts. Which is an example of international trade?
24. What is a synonym for "goods" ?
25. Counter purchase denotes a whole range of barter like agreements; its principle is to trade goods and services for other goods and services when they cannot be traded for money.
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