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International Trade Quiz 79 (30 MCQs)

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1. In this law, judges rely on the detailed legal codes rather than interpreting then tradition, precedent and custom.
2. If all countries were endowed with the same natural resources, there would be fewer opportunities for specialization and trade.
3. If we don't launch the product by the 15th of the month, we're going to ..... in this industry.
4. If in country A, 1 man-day of labour can produce 20 units of X but 10 units of Y and In country B, 1 man-day of labour can produce 10 units of X but 20 units of Y, then .....
5. External Trade is also called as
6. New Trade Theory argues that economies of scale are an important factor in some industries for superior international performance, even in the absence of ( ).
7. Identify 4 types of method in international trade
8. Headquarter of European Union is .....
9. Who has the absolute advantage for crowns
10. What is revenue?
11. U.S. exports include (what we SELL to other countries):
12. A government is considering imposing a tariff on imported foreign cars. What would be the likely effect of imposing the tariff?
13. When fair wages and good manpower conditions are kept, it is said that the country is complying with
14. Which group has been an example for successfully determining the amount and price of a world-wide commodity?
15. The last stage of economic growth is
16. What is the current trend in the U.S. balance of trade?
17. Comparative advantage was developed by David Ricardo.
18. Countries and businesses nowadays are interconnected, they rely on each other on their economic and business transactions or in other words this is what we call "colonialism" .
19. (v) to move or go up
20. The plaintiff in the dispute resolution process at the WTO is called.....
21. According to the ..... argument, governments should temporarilysupport new industries until they have grown strong enough to meet international competition.
22. Firms often advertise saying that they specialise in providing a certain product or service. What is an advantage of such specialisation to the firm? A Its workers are motivated by more varied tasks. B Production is dependent on other firms supplying components. C The firm's average cost of production is likely to fall. D The firm can quickly adapt production if their product or service is no longer required.
23. If Panama decides to stop trading with Venezuela because of oil spills and oil pollution, what kind of trade barrier would be placed on Venezuela?
24. Are those goods, raw materials, and services that are produced in one country and then sold to another country.
25. "consignee" is the same as "receiver, importer"
26. Which ISN'T a spice?
27. A country specialises in the production of steel, toys and textiles. What is a disadvantage of specialisation for the country's workers? A They cannot afford to buy products from other countries. B They could become structurally unemployed if global demand changes. C They have to learn a variety of skills. D They have too much choice which wastes their time.
28. When a country concentrates its productive efforts on producing a limited variety of goods. It has to give up producing other goods and relies on obtaining those other goods through trade.
29. When a company invests money in buildings and land for shareholders who get tax advantages from their investment as well as interest on the money invested.
30. What is the main reason countries engage in international trade?
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