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International Trade Quiz 49 (30 MCQs)

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1. International trade also allows countries to specialize in producing narrower goods and giving them what?
2. Heckscher-Ohlin theory explains comparative advantage enjoyed by countries in the production of certain goods in terms of underlying differences in consumer tastes and preferences.
3. How many countries use the Euro?
4. The creative industry can develop rapidly if supported by the following factors, except.....
5. What type of trade barrier would there be if the government gave money to farmers in order to lower the cost of their goods in relation to foreign farmers?
6. When a nation can produce MORE of a good than another nation, they have
7. Incoterms which explain that the delivery of goods and risks are carried out by the SELLER until they board the ship at the port of loading/loading and the ship's costs are borne by the SELLER until the port of unloading/destination, are called.....
8. Trade barriers tend to
9. Who has the comparative advantage for wands?
10. What formula do you use to change foreign currency into US dollars?
11. True or False:Increased competition means lower prices.Less money will go into the domestic market place and this can cause factories to be closed and jobs to be eliminated.
12. A significant deterioration in production, trade and financial indicators of the economic sector or a significant dercreasing in the developing of the economic sector, which occurred as a result of increased import of goods, import of goods at dumping prices or import of subsidized goods to the customs territory of a country.
13. In terms of organization and purpose, ASEAN has the MOST in common with
14. ASEAN is a trade bloc made of southeastern ..... nations.
15. It is the 8th multilateral trade negotiations conducted within the framework of the General Agreement on Tariffs and Trades.
16. To encourage foreign and domestic investments
17. A country should produce only those products in which it has ( ) or those it can produce using fewer resources than another country.
18. Goods being produced in the U.S. and shipped to China are U.S ....., and the goods being produced in China and shipped to the U.S. are U.S .....
19. What is the purpose of liberalization?
20. What is the nature of international trade?
21. In 1996, the U.S. taxed imported grapes, ceramic tableware, motorcycles, bicycles with wheels not exceeding 63.5cm in diameter, and sports footwear of which over 50% of the external surface area was leather.
22. It refers to the ability of a producer (or country) to produce a good or service in greater quantity for the same cost, or the same quantity at lower cost, than other producers.
23. External economies of scale occur when cost per unit of output depends on ....., not necessarily on ..... Larger industry leads to the number of firms .....
24. When a country has lower opportunity cost and has more efficiency it has .....
25. The causes of international trade are the following, except.....
26. What is a disadvantage of increasing international specialisation? A Consumers pay higher prices for goods and services reducing their welfare. B Domestic firms may be uncompetitive leading to structural unemployment. C Domestic firms may experience rising costs as they pay more for imports. D Resources may be used less efficiently as domestic firms face less competition.
27. In a market economy, what is TRUE of all trade?
28. Pakistan has been a member of WTO since it was founded in .....
29. What is one effect of globalisation on either countries and people?
30. Determine which country has the comparative advantage:Korea can produce 3 cars or 9 motorcycle Germany can produce 4 cars or 8 motorcycles
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