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International Trade Quiz 83 (25 MCQs)

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1. How many countries are currently members of the WIPO Madrid System?
2. _____ producing a good over another country if it uses fewer resources to produce that good.
3. There are 2 things that need to be considered so that the product is easily recognized by buyers, namely_____
4. What are imports?
5. If production of a car requires K = 100 units and L = 40 units, production of a motorbike requires K = 60 units and L = 30 units, then according to the H-O theory:
6. A trading bloc may be a
7. What is the most likely benefit for a low-income economy if it removes tariffs on imported goods and services?
8. On of the countries in the card does not belong to OECD
9. What would a free-trader most likely support?
10. Refers to the interdependence between countries arising from the integration of different aspects of the economy, such as trade
11. When a country has the ability to produce more of a product relative to another country.
12. Developing nations often employ protectionist policies in order to
13. One effect of tariffs and quotas is higher prices on domestic products.
14. Mercantilism differs from neo-mercantilism in that:
15. A tariff and import quota will both _____
16. Suppose Vietnam and Laos produce two products-Coffee and Noodles. Vietnam can produce 1 kilo of coffee in 10 hours or 1 kilo of noodles in 4 hours.Laos can produce 1 kilo of coffee in 15 hours or 1 kilo of noodles in 10 hours.Which country has a comparative advantage in coffee?
17. The state government has received tax revenue but has not yet decided what to spend the money on. This is a
18. A trade agreement that eleminates barriers between the United States, Canada, and Mexico.
19. Government policy can:
20. When your exports are less than your imports, this exists?
21. What is the main criticism of NAFTA that Avery, Ethan, and Isla all agreed on?
22. In 1973, many Middle Eastern countries stopped exporting oil to the United States in protest against the US' support of Israel. What type of trade barrier is this?
23. What is the main benefit of international trade?
24. What is one assumption of the theory of comparative advantage regarding resource allocation?
25. A current account deficit most likely means that
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