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International Trade Quiz 6 (25 MCQs)

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1. Country A can produce more coal than Country B. An economist would say that Country A has _____ over country B.
2. "Production" is concerned with selecting the merchandise, stocking the store, and ringing up the sale at the cash register.
3. Occurs when a country has special natural resources or talents that allow it to produce an item at the lowest cost possible.
4. The following centers of economic excellence in Indonesia that produce ores containing copper, gold and silver are_____
5. Refers to the particular countries and kinds of countries toward which a country's exports are sent, and from which its imports are brought.
6. What is a limit on imports?
7. Which one does not belong to the group?
8. Complete:You asked for a salary of $60, 000, and we said the position paid $52, 000. Let's _____ and say $56, 000
9. The use of trade barriers to protect domestic industries and jobs works only if other countries do not retaliate with their own trade barriers
10. BOP stands for_____
11. Which is the benefit of International trade?
12. Business taking place between _____ is known as international business
13. Globalisation means_____
14. Which organization administers the WIPO Madrid System?
15. Guidelines that imports must meet to enter a country
16. A nation is better off when it produces goods and services for which it has a comparative advantage
17. We import most of our goods from China.
18. How do import quotas impact the availability of goods in a country?
19. Absolute advantage is the ability to produce goods or services with fewer resources than other country.
20. How does a tariff protect infant industries?
21. By having the policy settings to benefit from trade, investment and skilled migration, Australia's economy is stronger and our standard of living higher.
22. It is to increase the return through higher revenues and or lower cost what aspect of why do firms expand internationally?
23. A good or service brought in from another country for sale.
24. A disadvantage of international trade:There are other costs to firms that trade internationally, such as complying with other countries' legal and technical requirements, translating legal documents and advertising material, and performing market research for overseas markets.
25. _____ is protected by tariffs and quotas in the short run.
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