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International Trade Quiz 81 (25 MCQs)

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1. Which of the following has the most trading power in the world?
2. When the exchange rate changes from 1 GBP to $1.50 to 1 GBP to $2. What has happened to the value of the dollar against the pound?
3. India is a member country of which of the following trading block?
4. What does the term 'balance of payments' mean in economics?
5. Different countries are differently gifted, with production of different commodities
6. Which is NOT an example of a trade barrier?
7. _____ advocates that a country should focus and specialize in the production of goods that it can produce relatively at a lower cost than other countries.
8. What do you understand by Exchange Rates
9. The U.S. can produce 1, 000 iPads or 20 cars. China can produce 1, 800 iPads or 10 cars. Who should produce what?
10. _____ is the last step of the chain of business middlemen
11. Advantage of international trade
12. A legal document issued by a carrier to a shipper that details the type, quantity, and destination of the goods being carried
13. What is an International Trade?
14. Zero-sum game is a 'win-lose' situation
15. Which of the following trade theories divides the nations of the world into three categories?
16. How many members are there in WTO?
17. Unrestricted free trade is beneficial, but because of diminishing returns, the gains may not be as great as the simple model would suggest.
18. How does a tariff differ from a quota? A A tariff is on exports, a quota is on imports. B A tariff is on the quantity of an import, a quota is on the price of an import. C A tariff raises government revenue, a quota raises no government revenue. D A tariff raises the price at which imports sell, a quota does not.
19. Interest can be obtained by family households because they do _____
20. What could be some negative side effects of international trade?
21. A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (money to assist an industry so prices can remain low).
22. The ability of U.S. firms to produce high-tech goods efficiently give the U.S. a(n) _____ advantage in technology equipment manufacture.
23. Australia's main trading partners are
24. If the opportunity costs of producing two goods differ between two countries, then specialization and free trade will benefit both countries.
25. What theme of international economics is mainly concerned with the trade rules implemented by different sovereign countries?
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