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International Trade Quiz 53 (25 MCQs)

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1. Protective tariffs are applied to goods that do have a domestic competitor and are designed to make the imported goods cost at least as much as, or more than, the domestic good, so these tariffs can be quite high.
2. We import some of the same products we export. Which is the most correct answer?
3. Comparative Advantage is inability of a nation to produce a good more efficiently than other nations, but ability to produce that good more efficiently than it does any other good
4. What is meant by international trade?
5. Consumers in an importing country would benefit from the imposition of a tariff.
6. Which of the following is a benefit of international trade?
7. An organization has various forms of responsibility towards all stakeholders including consumers, employees, shareholders and communities in all aspects of company operations including aspects_____
8. Comparative advantage explains why a nation will benefit from trade when:
9. It refers to an economy's ability to produce goods and services at a lower opportunity cost than its trade partners than other producers.
10. An international trade agreement among the United States, Canada, and Mexico.
11. What country imports more than any other country in the world?
12. If you sell goods abroad then you are called_____
13. Insurance is_____
14. GATT was made in the year
15. Trade creation and trade diversion may result from the creation of a trading bloc. Trade creation refers to the idea that _____ while trade diversion means that _____
16. Trade carried out by two countries to meet each other's needs is called_____
17. What is the emotional argument for government intervention in international trade?
18. We have a _____ amount of food we don't need.
19. Which of these can be barriers to international Trade?
20. In the Ricardian model, we can show that trade enlarges a country's consumption possibilities, which implies _____
21. Which of the following statements best describes trade between two nations?
22. If the world price of steel is lower than the domestic price in the U.S. will our country be an importer or exporter of steel when trade is permitted?
23. This document is a guarantee that payment will be made when the seller meets the conditions sale.
24. Quantitative tax concerned with the amount of goods rather than the value of the goods
25. According to the method of payment as cheque payment, what are the role of banks?
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