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International Trade Quiz 80 (25 MCQs)

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1. A country decides to remove all its tariffs and engage in free international trade. What will be the final decision the country has to make before free trade takes place? A deciding which resources to allocate to the production of goods and services for international trade B deciding which goods and services should be provided for international trade C identifying the opportunity costs of production of goods and services which might be used for international trade D setting an appropriate exchange rate for the international trade of goods and services
2. What is the difference between the following
3. What is the largest industry in the world?
4. How many types of international insurance are there?
5. Assume that there is an increase in United States consumers' preference for European cars. Which of the following changes will most likely take place in the market for dollars?
6. WHAT IS HEADACHE?
7. If the price of an iPad in Brazil is $500 U.S. dollars and 1140 Brazilian Real, what is the exchange rate of Brazilian Real to U.S. Dollars?
8. In 2017, which economy was Singapore's largest trade partner for services?
9. The party carrying out the import activity is called _____
10. If resource companies in Canada want to increase their business, they should not sell globally, they should just stay local.
11. What is an advantage to a country of joining a trading bloc?
12. What does the abbreviation WTO stand for in international economics?
13. CIF and CFR are the same trade terms covering which transport methods?
14. A document which accompanies the invoice for goods shipped by air
15. By lowering production costs, _____ help domestic producers compete against foreign imports.
16. What is not a away governments punish countries through trade?
17. By lowering production costs, _____ help domestic producerscompete against foreign imports.
18. The MFN principle is regulated in GATT, GATS and TRIPS in article_____
19. Tires made in American factories are used on cars in Europe.
20. A government removed the quota on goods imported into the country. What is the most likely result of this? A a decrease in demand for domestic production B a decrease in domestic unemployment C a decrease in exports D a decrease in the balance of trade deficit
21. If nations limit trade in clothing who will benefit?
22. In Porter's diamond of competitive advantage theory, the conditions governing how companies are created, organized, and managed, and the nature of domestic rivalry refers to:
23. The wholesale trade sells the goods to the final consumer.
24. This refers to economies that are unique to a firm. For instance, a firm may hold a patent over a mass production machine, which allows it to lower its average cost of production more than other firms in the industry.
25. Who should import crowns?
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