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International Trade Quiz 67 (25 MCQs)

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1. True or False A protectionist is A person or policy advocating for the protection of domestic industries from foreign competition.
2. What is one limitation of the theory of comparative advantage regarding the assumption of specialization in producing a single good?
3. Any law that limits free trade between nations
4. The process by which people and economies around the world are becoming increasingly interconnected; the integration of national economies into the global economy.
5. In 1941, the US froze Japanese assets in America and stopped trading with them in response to Japan's invasion of French Indochina
6. Under a flexible exchange-rate system, the Indianrupee will appreciate against the Japanese yenwhen
7. Goods and services a nation sells to other countries
8. Who benefits from the depreciation of the Japanese yen relative to the Euro?
9. A country's terms of trade changed from 100 to 95. What is most likely to have caused this change? A a depreciation of the country's currency B a reduction in import tariffs C a rise in the price of exported goods D an improvement in the balance of trade
10. Method used to stop the shipment of certain products to and from a particular country for economic or political reasons
11. Cabot discovered and named one of the provinces of Canada which is Quebec.
12. In the US Current Account, we usually operate with a
13. An ad valorem would be considered which of the following?
14. American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Which country has an absolute advantage in producing cars?
15. A major determinant of how much knowledge a company gains from an alliance is its ability to learn from its alliance partner.
16. Import of goods that are dangerous to society is prohibited
17. A quota on imports is
18. How many categories are there for duration and purpose of insurance?
19. When a country has the ability to produce a product at a lower opportunity cost than another country.
20. A subsidy differs from a tariff and quota in that when a subsidy is granted,
21. South Africa can produce 1 barrel of oil using 3 units of land and can produce 1 karat of diamonds using 1 unit of land. On the other hand, Saudi Arabia can produce 1 barrel of oil using 1/2 unit of land and can produce 1 karat of Diamond using 6 units of land. Which country has comparative advantage in oil production?
22. Who benefits when a firm buys a foreign product because it is cheaper?
23. Insurance compensation is_____
24. Which of the following refers to the ability of a nation to produce a good more efficiently than any other nation?
25. The following is the 3rd step in strategic sourcing is_____
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