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International Trade Quiz 65 (25 MCQs)

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1. If the importer would like to take delivery to Kangar Perlis, it is advisable for him to accept a price using an Incoterm stating "Incoterm CIF Penang" rather than "Incoterm CIF Malaysia" . Explain TWO (2) reasons for the advised action.
2. What is a deficit?
3. What does a country have when it can produce a unit of good with fewer resources than another country?
4. Swedish economist developed the country similarity theory in 1961.
5. Argues that each country should produce and export goods that intensively use factors of production that it holds in abundance, and import goods that intensively use relatively scarce factors of production _____
6. Importing more than exporting is _____
7. John Maynard kynes influenced the bretton woods system?
8. Countries specialise because:i) they have the resources to produce the good or service efficiently; and ii) they're better than other countries at producing the good or service.
9. 'Jon Beel Mela' is famous for barter system, is organised in which state?
10. A producer is able to produce larger quantity of a product with the same amount of resources that another producer has
11. In how many ways is the amount of compensation calculated?
12. When was the World Trade Organization established?
13. What is free trade known as?
14. The Austrian government gives a grant to manufacturers who produce and export automotive leather.
15. The amount that a nation imports or exports of a particular good depends on the difference between the equilibrium world price and the equilibrium domestic price.
16. Headquarter of OPEC is _____
17. A trade agreement between 27 countries of with the same currency and open trade between those nations.
18. The U.S. Congress places a quota on sweaters made in Afghanistan. This decreases the number of sweaters America will purchase from Afghanistan. Which of the following would result from the change in quota for sweaters?
19. Which of the following is not an adverse effect of international trade.
20. Which one of the following is a service of the logistics and transportation industry?
21. Large companies with a great number of foreign branches and affiliates
22. Barriers to Trade in Ireland are defined as
23. When a government restricts trading with another country for political reasons, it is called _____
24. Trading with as many countries that are willing to trade with you
25. It is a pact between two or more countries that outlines the terms and conditions of trade between them. These agreements can cover various aspects of trade, such as tariffs, quotas, and rules of trade.
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