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International Trade Quiz 54 (25 MCQs)

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1. Theory of comparative advantage was given by _____
2. If Brazil has a comparative advantage in producing rubber, and trade of rubber is allowed _____
3. Trade within the same region or country
4. Which of the following is an example of an import for USA?
5. The effect of the Fed buying bonds
6. Rancher Tom can raise 10 goats and 20 pigs in a year. Rancher Joe can raise 20 goats and 100 pigs in a year. Who has the comparative advantage for raising pigs?
7. If Country Alpha has been experiencing a higherinflation rate than Country Beta over the pastdecade, which of the following is true?
8. Established in January 1995 by the Uruguay round negotiations under GATT, the WTO included 144 nations as of _____ The WTO administers trade agreements, provides a forum for trade negotiations and resolving trade disputes, monitors trade policies, and provides technical assistance and training for developing countries.
9. Why are trade policies difficult to reform, as per the text?
10. Any product that is sold to the global market.
11. Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand. Vietnam are part of
12. How do American consumers benefit from international trade?
13. What role do government policies play in international trade?
14. A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount
15. When the U.S. stops importing products from another country after they find that there is a potential problem with the product.
16. Govt. policy about exports and imports is called:
17. Name the five sectors of the economy
18. Which of the following is a regional trading bloc in North America?
19. The followings are reasons for international trade EXCEPT
20. In a collection involving payment for an international trading transaction, the principal is the exporter and the drawee is the buyer/importer.
21. Is financially responsible (the buyer) for the receipt of a shipment. Generally, is the same as the receiver.
22. Suppose the United States' grain prices are higher than world prices when it is isolated. Opening to trade would cause
23. _____ is a direct restriction on the quantity of some good that may beimported into a country.
24. Who introduced the concept of absolute advantage
25. Excessive burocratic procedures, lenghty processes and duplicated import steps, are examples of:
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