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International Trade Quiz 5 (25 MCQs)

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1. What would not be included in the current account of the balance of payments?
2. In the US, we freely choose how we are to spend our money. Choices consumers determine which products succeed or fail in the marketplace. Is known as what?
3. Different countries produce various goods and services inefficiently than others when they have an absolute advantage.
4. The aim of WTO is
5. What document can be used as a document of title in international trade?
6. Which of the following cannot be traded internationally?
7. Ethical strategy are the accepted principles of right or wrong governing the conduct of business people.
8. Limit of the amount (quantity) of a good that can be imported is called a(n):
9. U. S. has absolute advantage over Guam in all goods. Which trade possibility is true?
10. Selling goods to another countries is an
11. The commodities exported from India to other countries include _____
12. According to the principle of comparative advantage, on what does a country's gains from international trade depend?
13. It is when the country exports more goods and services than the export
14. Definition of Haggling
15. What is the most likely reason that countries specialize in producing some goods and services and trading for others?
16. What is the main purpose of Mexican free trade agreements?
17. Which of the following is NOT a responsibility of a Mexican customs broker?
18. One disadvantage of a fixed exchange rate system is that
19. If the United States dollar appreciates relative to the China Yuen, what is a likely outcome?
20. Theory of absolute advantage was given by _____
21. A disadvantage of international trade:Trading internationally usually involves higher transport costs
22. Chairs made in China are flown to The Bahamas
23. What does the slope of a production possibility frontier represent?
24. The main reason liberalism rejects the idea of protectionism is because
25. Which of the following is the nature of international trade according to Marxism?
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