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International Trade Quiz 63 (25 MCQs)

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1. The Endogenous Growth Theory was a response to what?
2. When one country has an absolute advantage in producing a product, then that country can typically benefit by _____ that product.
3. Why is it crucial to take into account transportation costs when evaluating the overall cost of something?
4. Trade is a basic economic concept involving the buyingand selling of goods and services, with compensation paid by a seller to a buyer, or the exchange of goods orservices between parties.
5. How much of the GDP, all the final goods and serves, is available for each person in a country. Used to determine a country's standard of living.
6. What is the main argument a government of a small country might use in times of a worsening worldwide recession to justify an increase in import tariffs and other trade protectionist policies? A to protect the country from a rise in domestic unemployment B to protect the country's terms of trade C to protect the domestic economy from increasing prices D to protect the domestic economy from the import of poor quality goods
7. What are the disadvantages of international trade?
8. Which of the following theories suggests that first mover advantage is significant in the export of a good?
9. Consider Peru and Argentina in a Ricardian world. Each country produces two goods, Corn and Wheat. Each country has 600 units of labor hour available. The table of unit labor costs for production of each good in each country is:If world relative price for wheat is 3.5, then
10. What is a quota in international trade?
11. Which of the sentences is true
12. The higher the firm's profit per unit sold is, the greater its profitability will be, all else being equal.
13. Which agency regulates the money supply in India?
14. When the dollar "rises" compared to other currencies, which group benefits the most?
15. Promote competitive and sustainable local automotive industry
16. Maxicopolis can produce 100 bushels of wheat or 100 yards of cloth. Minicopolis can produce 100 bushels of wheat or 300 yards of cloth. Which city has a comparative advantage in the production of wheat?
17. International trade is NOT a key component in most nations' economies.
18. Tax placed on imports to increase their price in the domestic market
19. Supposed that, R:Rice ; S:SteelWe have five nations, two goods and their relative price as below:In India, PR/PS = 0, 2In Vietnam, PR/PS = 0, 25In Thailand, PR/PS = 0, 3In Russia, PR/PS = 0, 5In Japan, PR/PS = 0, 6If the equilibrium PR/PS = 0, 5. What nations will export rice?
20. Strategy that limits international trade in order to protect domestic firms
21. They are stages in the economic integration process
22. Karl Marx published which of the following books?
23. What is a tariff in international trade?
24. To make sure that your employer can pay the compensation, they must take out an insurance _____
25. She was shocked when we _____ that the company would be closing.
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