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International Trade Quiz 8 (25 MCQs)

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1. Define and explain the concept of time-space convergence.
2. Which theory suggests that a country should export those goods and services for which it is more productive than other countries and import those goods and services for which other countries are more productive?
3. Make the phrase 'Made-In-Malaysia' synonymous with excellence, reliability and trustworthiness.
4. Occurs when a country can produce a good at a lower opportunity cost than another country
5. There is a quote that say: " _____ is the only multilateral trade system in which developed and developing countries sit together at par" . Fill in blanks
6. What did World Bank economists calculate about the barriers faced by exports from low-income countries?
7. Which organization is the Japanese ECA?
8. An embargo is a complete ban on certain products coming in or leaving the country?
9. A farmer can grow wheat or corn. She grows corn because it will make more money than wheat. The value of the wheat crop she chose not to grow could best be described as _____
10. Limit on the amount of a product that can be imported
11. If you trade one item or service for another. What are you giving an example of?
12. The purpose of the founding of the European Union (E.U.) in 1993 was to do which of the following?
13. Intra-industry trade will tend to dominate trade flows when which of the following exists?
14. Who has the comparative advantage in Clothing?
15. Australia's largest trading partner is:
16. A persistent trade deficit causes
17. The Marhsall Lerner Condition is designed to answer which question?
18. Government payment to a domestic producer to encourage or protect a certain economic activity
19. Advances in technology have increased the number of people needed to _____
20. Trade is needed because
21. Which of the following is not a benefit of int. trade?
22. The assignment arrives at the warehouse on Monday and will be _____ immediately.
23. Wheat grown in Iowa is used to make cereal in South America.
24. Irrevocable L/Cs _____
25. Australia needs trade with China more than China needs trade with Australia
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