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International Trade Quiz 70 (25 MCQs)

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1. If Italy produces leather goods more efficiently than Germany, then Italy has a(n)
2. The _____ iis the world's largest trade group
3. The European Union added a new tax on all coffee imported from Colombia.
4. What is the effect of transportation cost to the fundamental principles of comparative advantage or the gains from trade?
5. Each of the following statements describes monetary union except
6. Economic liberalism, an alternative approach, generally shares with liberal internationalism a belief in the possibility of cooperation to realize common gains
7. Which type of country is MOST likely to have a surplus in visible trade?
8. Shelby traveled to Mexico to a resort and took $100 in U.S. currency. When she exchanged it for pesos, she received _____ value of $1 U.S. in pesos is 10.34
9. A three-country trade agreement negotiated by the governments of Canada, Mexico, and the United States that took effect in 1989.
10. Countries frequently trade goods and services with other countries
11. Trading globally gives consumers and countries the opportunity to be _____ new markets and products.
12. Which would NOT be a reason to place an embargo on a country?
13. 8/ Which of the following is an example of a region known for benefiting from external economies in the technology industry?
14. What are the potential challenges and risks that can arise from engaging in international trade?
15. The theory of comparative advantage
16. There are three conditions that explain why a free market is efficient:1.The supply of goods is sold by the sellers with the lowest cost. 2. There are no unexploited gains or wasteful trades. 3.The supply of goods is purchased by the buyers that place the highest value on the goods. Which condition or conditions cease to hold in the case of a tariff on imported goods?
17. Service trade includes the trade of services (tangible or physical existence).
18. What is present in a customs union but not in a free trade area? A a common monetary system B a common external tariff with the rest of the world C a common system of taxation D the free movement of all goods, services and factors of production
19. In the early 19th century, English economist _____ offered an explanation of trade in terms of international differences in labor productivity, an explanation that remains a powerful insight
20. What is one limitation of the theory of comparative advantage?
21. A theory which focuses more on exports rather than imports.
22. The part of international economic activity that involves the exchange of goods and services between economic actors across countries is called_____
23. The main source of additional foreign exchange comes from_____
24. International trade is of the reasons that will allow a country's economy to grow. Without it, a nation might not have access to a key resource or a way to exchange its own key resources for other items needed.
25. What formula do you use to change US dollars into foreign currency?
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