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International Trade Quiz 61 (25 MCQs)

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1. The establishment of a business in a foreign country.
2. The FOREX is about _____
3. Because Nebraska specializes in the production of corn and Maine specializes in the production of lobsters, the two states could engage in trade that benefits both parties. This law of economics is known as which of the following?
4. This approach is based on the argument that more trade makes us wealthier and is therefore a good thing. It is known as _____
5. The exchange of goods and services between countries is know as?
6. International trade can have important effects on the distribution of income because _____
7. What type of trade barrier is a total ban on products
8. The two country, multi-good model differs from the two country, two product model in that in the former
9. What are some positive effects of Globalisation?
10. A shorter form of the word usually composed from the first letter of several words is a /n
11. When a country can produce a product at a lower opportunity cost than another country
12. Joy gives 2 haircuts and 1 perm. Susie gives 3 haircuts and 2 perms. Who has the absolute advantage for haircuts?
13. In country A, it takes 10 labor hours to produce cloth and 20 labor hours to produce grain. In country B, it takes 20 labor hours to produce cloth and 10 labor hours to produce grain. Which country should produce grain?
14. How does a trade deficit impact a country's economy?
15. GATT stands for:
16. _____ postulates that, other things equal, the larger (and the more equal in size) and the closer the two countries are, the larger the volume of trade between them is expected to be.
17. Why should countries trade?
18. China produces products X and Y more efficiently than Ireland. China produces X 4 times & Y 6 times more efficiently than Ireland
19. Involves the exchange of goods and services between nations.
20. The dispute resolution forum at the WTO is called_____
21. What are the factors that have contributed to the globalisation of technology companies?
22. Which of the following accurately reflects the pattern of the U.S. current account balance during the periods:1991; the late 1990s through to the mid-2000s; and 2009 following the onset of recession?
23. The Marrakesh Agreement consists of_____
24. A country's policy that limits goods entering a country is called_____
25. What is the meaning of INCOTERMS?
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