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International Trade Quiz 79 (25 MCQs)

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1. In an _____ there are many buyers but only a few sellers. Oil companies, grocery stores, cellphone companies, and tire manufacturers
2. Which treaty replaced the NAFTA and came into force on July 1, 2020?
3. Imported goods become expensive so that similar goods produced domestically will be competitive
4. How many factors of production are involved in an economy whereby the production possibility frontier is simply a straight line?
5. What are the key macroeconomic variables that describe an interaction in world markets?
6. FTA, common Markets, Economic Union and Customs Union are types of trading blocs
7. A persistent trade imbalance tends to _____ a country's dollar.
8. A North American agreement formed to promote trade between Canada, the United States, and Mexico. Just renamed recently.
9. What does OPEC stand for?
10. How can you find out what a country specializes in?
11. C:ClothF:FoodIf PC/PF were to increase in the international marketplace, then _____
12. It is an agreement wherein it protects the intellectual property rights.
13. What type of trade barrier would there be if the government required foreign cars to meet tough emission requirements?
14. Which country based its entire economy on importing raw materials, processing them into manufactured goods, and then exporting the finished goods in the nineteenth century?
15. A large clothing manufacturer has factories in more than one country. What is not a reason why a company might decide to produce internationally? A the availability of raw materials B the high costs of transporting finished products C to ensure that wage rates are equal in all factories D to serve the local markets more easily
16. Dumping refers to
17. The United States placed a limit on the number of goods that can be brought into the country for sale. This is an example of _____
18. The goal of NAFTA was to create a " _____ " between the United States, Canada, and Mexico.
19. In international trade, comparative advantage is measured in _____
20. In 2009, Ecuador placed a $10 tax on imported shoes
21. Free traders favor few or even no trade restrictions.
22. 1/External economies of scale will _____ average cost when output is _____ by _____
23. The producer with the lowest opportunity cost.
24. The exchange rate between 2 countries is determined by,
25. People who adhere to this belief argue that industries should not have to cope with foreign industries that are less efficient but pay lower wages?
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