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International Trade Quiz 51 (25 MCQs)

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1. Which country has the highest standard of living?OBLville:GDP 100, population 50Owlmania:GDP 500, population 500
2. One trend associated with globalization is
3. Goods that are bought and sold.
4. What are tariffs and quotas?
5. What products does Microsoft not make?
6. What is the annual difference between a country's exports and imports called?
7. Diamonds found in South Africa are used to make rings in Maine.
8. One of the benefits of international trade is the possibility of increased output which means
9. You will see form the catalogue that our prices are very _____
10. These are all arguments made for _____ Increased competition-Lower prices-Helps developing nations establish a higher standard of living
11. The following is an activity that causes a country's foreign exchange to increase_____
12. An Open Economy is
13. The national security argument against free trade is that goods vital to the nation's security should be produced domestically.
14. Which of the following is an example of an export for the USA?
15. What does the term "capital" represent in the context of international economics?
16. What is the difference between International trade and multinational companies?
17. Which of the following are NOT true about the EU?
18. When must you ask for a Multimodal Bill of Lading FBL?
19. If two nations specialize according to the law ofcomparative advantage and then trade with eachother, which of the following would be true?
20. The only supplier who is able to fulfill the requirements for the fulfillment of an item is called_____
21. The increase in skills and abilities as a result of education and training is referred to as
22. The tariff that functions as a ceiling that cannot be violated and is recorded in the schedule of concessions for each member is called:
23. An advantage of international trade:By trading internationally, not only do a country's consumers enjoy a larger variety of goods and services, but increased competition resulting from international trade can lead to lower prices and more product innovation so people's standards of living are raised by having more choicer and better quality and cheaper products.
24. The point at which the production possibility frontier intersects the x-axis represents the
25. A document issued by a government authorizing the importation of certain goods into the country
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