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International Trade Quiz 46 (25 MCQs)

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1. Regional Integration is the agreement among nations who belongs in the same region or area to reduce or eliminate trade barriers, increase market size aggregate demand for goods and services, and economic activity.
2. Why do governments use tariffs?
3. What is NOT referred as a characteristic of international trade?
4. Formula of Intra-Industry Trade is _____
5. Government makes payments to local suppliers to reduce the production costs of the supplier.
6. The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
7. Fish caught off the coast of the UK is shipped to France.
8. Exchange of goods and services among the nations of the world
9. What is the main change brought by the RTAA(1934)?
10. What is exchange rate?
11. _____ suggest that FDI will be more likely to occur when transaction costs with a second firm are high.
12. Which of the following is NOT an argument for free trade?Increases competition, allows domestic goods to be sold all over the world, allows country to expose comparative advantage through specialization.
13. Specified area where raw materials and finished goods may be landed, stored, displayed, assembled, reconfigured and re-exported into customs territory and foreign points free of customs duties
14. Mercantilism was based on the idea that a nation's wealth and power were best served by reducing import.
15. The record of all transactions between individuals, firms and governments of one country with those in all other countries in a given year, expressed in monetary terms.
16. In _____, the GATT became the World Trade Organization (WTO), which now has more than 140 member countries.
17. Which of these are not trading blocs
18. When a country allows for trade and becomes an exporter of the good, which of the following would NOT be true?
19. TRIPS regulations oblige WTO members to all of the following EXCEPT:
20. The value of one currency in terms of another.
21. _____ permits the international firms to get the goods produced on a large scale without requiring investment in setting up production facilities.
22. Which countries are members of NAFTA?
23. What can be imposed to reduce imports and protect domestic industries?
24. What is the term for buying goods or services from abroad?
25. Why the Silk Road described as a "network" ?
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