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International Trade Quiz 84 (30 MCQs)

Quiz Instructions

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1. Another difference between domestic and international trade is that factors of production such as capital and labor are typically ..... within a country than across countries.
2. If competition causes an economy to be more efficient, what effect will that efficiency have?
3. A depreciation of the exchange rate of the pound sterling against the US dollar from £1:$ 1.50 to £1:$ 1.00 must mean that A the pound will be undervalued. B US imports from the UK will become more expensive. C UK imports from the US will become cheaper. D dollars will become more expensive in terms of pounds.
4. When a countries exports exceeds its imports
5. A policy that the government can choose to support export is by giving .....
6. Be flexible:you have to learn to think outside the .....
7. Which country has the most voting power at the World Bank?
8. What does the USA consume the most of (world wide), but produce little of, to where we have to trade?
9. How many types are there in International trade?
10. Tariffs and quotas can have all of the following effects EXCEPT
11. What year are INCOTERMS currently used?
12. Goods and services purchased from other countries.
13. Comparative advantage exists when a person or a country can produce a good or service at a lower ..... than others.A. Fixed costB. Total costC. Marginal costD. Variable costE. Opportunity cost
14. ..... is when a country is better off producing goods and services compared to another country.
15. The phrase 'invisible-hand' as purported by Adam Smith as the logic behind market motivation refers to
16. What do you call the ability to monitor exchange rate?
17. Import quota refers to.....
18. Approaches to green management include the.....
19. What is MOST LIKELY to happen US imports and exports if the US dollar appreciates relative to other currencies?
20. Which of the following effects does NOT occur when a country becomes an exporter?
21. The theory of ..... states that countries should produce products that they could effectively produce more than other countries, and just trade for products that they don't effectively produce compared to other countries.
22. The final category of the current account balance is ....., which can be thought of as payments made by individuals in which money is sent abroad .....
23. If one US dollar was valued as 0.97 EU Euro last year, but this year is valued as 1.03 EU Euros. Did the dollar appreciate or depreciate?
24. Which is a benefit of the U.S. dollar weakening against the Euro?
25. A country specialises in the production of steel, toys and textiles.What is a disadvantage of specialisation for the country's workers?
26. What do all of the following groups have in common? EU (European Union)NAFTA (North American Free Trade Agreement)
27. The comparison of the amount of foreign currency taken into a country versus the amount of domestic currency paid out is called:
28. A person's ability to give birth to something new, whether in the form of an idea or a real work that is relatively different from what existed before, is understanding.....
29. Safeguard measures can be implemented when it results in.....
30. United States citizens who want to buy foreign products would be hurt if the dollar is depreciating
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