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International Trade Quiz 57 (25 MCQs)

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1. Many engineers of the 1970s made great computers, but only a few were _____ enough to see the business possibilities in the new machines
2. This attempts to run an export surplus to achieve a social or political objective.
3. The difference in a nation's imports and exports is called what?
4. The value of the Dollar appreciates versus the Euro. Who will benefit?
5. If a business builds a washing machine in India and then ships it to America to be sold, this is
6. What are the BRICS nations in the context of changes in the spatial distribution of production and consumption?
7. When the exchange rates for currencies change as supply and demand for these currencies changes, this is called a
8. Which of the following is a reason for trading with countries that have established infrastructure?
9. What would be the most likely way for the United States to influence environmental policies in a country with which it has strong trade relations?
10. Which one is NOT a way to restrict international trade?
11. What cost determines if countries trade or not
12. In 1997, two South Korean manufacturers of semiconductors, LG Semicon and Hyundai Electronics, were accused of selling dynamic random access memory chips (DRAMs) in the U.S. market at below their costs of production. It was alleged that the firms were trying to unload their excess production in the United States. This is an example of:Semicon and Hyundai Electronics, were accused of selling dynamicrandom access memory chips (DRAMs) in the U.S. market at belowtheir costs of production. It was alleged that the firms were trying tounload their excess production in the United States. This is anexample of:
13. Why might a government decide to increase the quota set on imports? A to cut a deficit on the trade balance in goods and services B to encourage diversification in home industry C to lower domestic unemployment D to raise the level of international trade
14. A government payment to a domestic producer, it comes with any forms including cash grants, low-interest loans, tax breaks, and government equity participation.
15. ASEAN supports free trade among nations in what geographic region?
16. The ability to produce a good or service at a lower opportunity cost than some other producers.
17. Modeling imperfect competition means that we will explicitly consider the behavior of individual firms. This will allow us to introduce two additional characteristics of firms that are prevalent in the real world
18. Which country had experienced the fastest revival in exports?
19. Using similar resources, Japan can produce 25 cars or 100 computers. The United States can produce 40 cars or 90 computers.
20. The South American group that promotes the movement of goods, people, and currencies among member nations is called
21. When people trade how do both sides benefit?
22. In what year was the World Trade Organization (WTO) inaugurated?
23. Exporting from the firm's home base may not be appropriate if lower-cost locations for manufacturing the product can be found abroad.
24. The United Nation prohibited its member to trade with North Korea following the North Korea's first nuclear test. What type of trade barrier is it?
25. Is a concept in microeconomics that describes a market structure controlled entirely by market forces.
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