This quiz works best with JavaScript enabled. Home > Finance > Economics > International Economics > International Trade > International Trade – Quiz 42 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Trade Quiz 42 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Free Trade reduces the barriers that once stood between nations A) Con. B) Pro. Show Answer Correct Answer: B) Pro. 2. The difference between bid and offer rates is called a premium. A) True. B) False. Show Answer Correct Answer: B) False. 3. Euros = 9 dollars2020-10 euros = 10 dollars Which of the following is true of the currencies above? A) Coach Hayes. B) The Euro Appreciated. C) The Dollar Appreciated. D) The Euro did not change in value. Show Answer Correct Answer: B) The Euro Appreciated. 4. This document gives information about the country where the goods were manufactured: A) Airway Bill. B) Bill of Lading. C) Certificate of Origin. D) Consular Invoice. Show Answer Correct Answer: C) Certificate of Origin. 5. Balance of trade is favorable when imports are higher than exports A) False. B) True. Show Answer Correct Answer: A) False. 6. He small jet ..... between Kuala Lumpur and Singapore nearly every two hours. A) Haggle. B) Shuttles. C) Reward. D) Intrepids. Show Answer Correct Answer: B) Shuttles. 7. What is the most secure method of payment for the IMPORTER? A) Open account. B) Documentary Credit. C) Credit card. D) Advance payment. Show Answer Correct Answer: A) Open account. 8. It means the price includes the cost of goods, insurance and transportation to the destination port. A) INCOTERMS-FREE ON BOARD:. B) INCOTERMS-COST INSURANCE FREIGHT (CIF). C) CFR (COST AND FREIGHT). D) None of above. Show Answer Correct Answer: B) INCOTERMS-COST INSURANCE FREIGHT (CIF). 9. What is the main purpose of freight forwarding in the transportation and logistics industry? A) Providing shipping advice. B) Processing payments. C) Organizing tours. D) Relocating personal possessions. Show Answer Correct Answer: B) Processing payments. 10. Coffee is the most traded drink in the world? A) True. B) False. Show Answer Correct Answer: A) True. 11. These ports are collection centres where the goods are brought from differnt countries to export. A) Inland ports. B) Out Ports. C) Entrepot Ports. D) Ports of call. Show Answer Correct Answer: C) Entrepot Ports. 12. A debt security that promises to repay the amount borrowed, with a fixed amount of interest at a future date. These are issued by Governments and large companies? A) Credit card. B) Loan. C) Bond. D) Share. Show Answer Correct Answer: C) Bond. 13. Trades carried out by residents of an area with residents of another area within one state border on the basis of a collective agreement are called ..... A) Inter-island trade. B) Interstate trade. C) General trading. D) Special trade. Show Answer Correct Answer: A) Inter-island trade. 14. What is the North American Free Trade Agreement (NAFTA)? A) An agreement between the US and China to promote trade. B) An agreement between the US and Canada to promote trade. C) An agreement between the US and Mexico to promote trade. D) An agreement between the US and European Union to promote trade. Show Answer Correct Answer: C) An agreement between the US and Mexico to promote trade. 15. It measured the income received by a country from domestic and foreign trade A) GDP. B) GNP. C) GNI. D) GDP and GNP. Show Answer Correct Answer: C) GNI. 16. The condition of Earth's atmosphere at a particular time and place. A) Whether. B) Weather. C) Weafer. D) Wheather. Show Answer Correct Answer: B) Weather. 17. Which country has the highest standard of living?OBLville:GDP 100, population 50Owlmania:GDP 500, population 500 A) LOBville. B) Owlmania. Show Answer Correct Answer: A) LOBville. 18. One trend associated with globalization is A) Less political cooperation among nations. B) Less political stability among nations. C) A growing economic interdependence among nations. D) A growing reliance on the World Bank among nations. Show Answer Correct Answer: C) A growing economic interdependence among nations. 19. Goods that are bought and sold. A) Cargo. B) Merchandise. Show Answer Correct Answer: B) Merchandise. 20. What are tariffs and quotas? A) Tariffs are subsidies on imported goods, while quotas are taxes on exported goods. B) Tariffs are limits on the quantity of a good that can be imported, while quotas are taxes on imported goods. C) Tariffs are restrictions on the quality of imported goods, while quotas are limits on the quantity of a good that can be exported. D) Tariffs are taxes on imported goods, while quotas are limits on the quantity of a good that can be imported. Show Answer Correct Answer: D) Tariffs are taxes on imported goods, while quotas are limits on the quantity of a good that can be imported. 21. What products does Microsoft not make? A) Windows. B) Zoom. C) Skype. D) Xbox. Show Answer Correct Answer: B) Zoom. 22. What is the annual difference between a country's exports and imports called? A) Trade fails. B) Trade balance. C) Net exports. D) Trade surplus. Show Answer Correct Answer: A) Trade fails. 23. Diamonds found in South Africa are used to make rings in Maine. A) Import. B) Export. Show Answer Correct Answer: A) Import. 24. One of the benefits of international trade is the possibility of increased output which means A) Reduced immigration. B) An increase in the extent of competition for domestic firms. C) An opportunity to avoid diseconomies of scale. D) An opportunity to exploit economies of scale. Show Answer Correct Answer: D) An opportunity to exploit economies of scale. 25. You will see form the catalogue that our prices are very ..... A) Competitive. B) Competent. C) Completed. D) Compatible. Show Answer Correct Answer: A) Competitive. 26. These are all arguments made for ..... Increased competition-Lower prices-Helps developing nations establish a higher standard of living A) Trade. B) Protectionist policy. C) Tariff. D) Free trade. Show Answer Correct Answer: D) Free trade. 27. The national security argument against free trade is that goods vital to the nation's security should be produced domestically. A) False. B) True. Show Answer Correct Answer: B) True. 28. Which of the following is an example of an export for the USA? A) South Africa buys meat from Chile. B) Germany sells printers to America. C) America sells paper to Germany. D) America sells printers to central Florida. Show Answer Correct Answer: C) America sells paper to Germany. 29. What does the term "capital" represent in the context of international economics? A) Financial assets or resources used in the production of goods and services. B) Natural resources and raw materials. C) Human effort and skills. D) Government policies and regulations. Show Answer Correct Answer: A) Financial assets or resources used in the production of goods and services. 30. What is the difference between International trade and multinational companies? A) International trade is only present in one country and multinational is not. B) Both only trade in one country, international companies are typically larger than multinational ones. C) International trade import and exports while multinational companies trade and manufacture in different countries. D) Both trade in multiple countries. Show Answer Correct Answer: C) International trade import and exports while multinational companies trade and manufacture in different countries. ← PreviousNext →Related QuizzesInternational Economics QuizzesEconomics QuizzesInternational Trade Quiz 1International Trade Quiz 2International Trade Quiz 3International Trade Quiz 4International Trade Quiz 5International Trade Quiz 6International Trade Quiz 7International Trade Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books