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International Trade Quiz 49 (25 MCQs)

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1. Hiring a foreign manufacturer to make your products according to your specifications.
2. Mercantilism, generally shares with _____ the belief that each state must protect its own interests at the expense of others
3. Is when a person, country, or region works on making one part of an item or a specific good.
4. "Retaliatory action" taken by a WTO member country due to experiencing losses due to the rules or policies of another WTO member country is called_____
5. World Trade Organization
6. Which of the following is an example of a non-tariff trade barrier?
7. What is an example of a price amendment for international business?
8. Expansionary Fiscal policy would most likely cause
9. What did the Marshall Plan help form?
10. Before the cars transported from Canada reach Mexico, they were stored in a bond warehouse in the US. This is an example of _____
11. What is the purpose of WIPO Madrid?
12. Which term describes the free movement of goods, services, capital, and labor across national borders?
13. How do trade deficits and surpluses impact a country's economy?
14. Who would say the following? "A country should never import more than it exports."
15. Portfolio investment means investing funds in plant and machinery for marketing and production, also known as a foreign direct investment (FDI).
16. Labor is free to go where it wants. People are no longer pinned down to their home country
17. The correct supplier evaluation and selection steps are_____
18. Which is NOT part of Porter's diamond of competitive advantage theory?
19. What is the concept of comparative advantage?
20. Why does Canada export lumber, while the United States exports wheat, and China exports labor-intensive manufactured goods?
21. How many assumptions are there in Comparative Advantage Theory?
22. When the U.S. dollar _____ in value, this is a good time for Americans to travel abroad.
23. What will be the effect to the world output if we allow each country to specialize in producing goods in which it has a comparative advantage?
24. An increase in the value of a currency; one currency can buy more of another
25. Which organization replaced the GATT and expanded its traditional focus on manufactured goods, creating monitoring and enforcement mechanisms?
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