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International Trade Quiz 64 (30 MCQs)

Quiz Instructions

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1. Which statement about economic integration is correct? A A customs union has a common currency. B A customs union has a common external tariff. C A free trade area has internal trade barriers. D A free trade area has no external trade barriers.
2. Strategy in which international trade has little to no rules
3. Goods are transported to Vietnam where first temporarily stored in "bonded warehouse" and then transported to import country. This is a form of .....
4. A record of all individual, business, and government transactions between one nation and those of the rest of the world is called the
5. A situation in which people produce a narrower range of goods and services than they consume.
6. The growing increase in the international trade along with the development of technology has fostered
7. The foreign exchange rate is the price of one country's currency in terms of another country's currency.
8. It is an economic theory that advocates government regulation of international trade to generate wealth and strengthen national power.
9. Which of the following is most likely to benefit from an appreciation of U.S. currency?
10. What do we call the difference between the value of exports and the value of imports?
11. What is the significance of trade for a nation's consumption possibilities?
12. Refusal of buying goods from another country
13. Comparison of amounts of foreign currency taken into a country versus amounts of domestic currency paid out
14. A specific region in which trade between nations takes place without protective tariffs is called
15. An Australian mining company sells iron ore to a steel manufacturer in China. This is a ..... and .....
16. In 2006, the United Nations Security Council unanimously adopted a resolution to restrict the export to and the import from Iran on certain items and technology potentially related to nuclear weapons. This is an example of which trade barrier?
17. In negotiation tactics, the buyer's method of starting negotiations with a fairly low price is called:
18. If the USA exports $ 100 million of goods and imports $ 150 million, what does the USA have?
19. Suppose Macro can produce 8 loaves of bread or 24 bottles of lemonade in one day. What is the opportunity cost of producing 1 loaf of bread?
20. Borrowed money that a country owes to foreign countries and banks is called
21. What does the word "surplus" mean?
22. Maintains tariffs on imports
23. Exchange rate where supply and demand determine the value of currency is called .....
24. Bank transfer also called .....
25. Refers to a collaboration between multiple parties who work towards a common goal of creating a profitable project or enterprise. By pooling their resources and expertise, the parties involved share the risks associated with the development of the project.
26. What would be an economic benefit to a country of imposing a tariff on imported goods?
27. Are those goods, raw materials, and services a country decides to buy from another country.
28. An example of a top export of the Philippines would be telecommunication devices.
29. Megayoung Corp imported jewelries to Dubai. The company paid 10% of the value of jewelries. Megayoung corporations paid what kind of tariff?
30. Mutual trade agreement among two or more partners within a regional trade bloc
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