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International Trade Quiz 88 (25 MCQs)

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1. It refers to the ability to produce goods and services at a lower opportunity cost.
2. Which of the following is NOT an example of a government agency responsible for regulating competition in the United States economy?
3. Actual amount of goods and services that can be bought with a unit of currency
4. Over 80% of the clothes that Americans buy have been manufactured in other countries. Why do American firms sell clothes made in other countries?
5. What does the financial account of the balance of payments record?
6. North American Free Trade Agreement (NAFTA) involves trading with which countries:
7. It's a place where goods are stored after shipping but before the payment of duties on those goods.
8. What happens to imports and exports when the exchange rate appreciates?
9. What is the primary reason behind countries engaging in international trade?
10. The small jet _____ between Kuala Lumpur and Singapore nearly every two hours
11. The concentration of production on types of goods or services that have high productivity and efficiency by a country is called_____
12. It is the purchase and receipt of goods and services from another country. It involves bringing products from foreign markets into a domestic market.
13. Which of the following is a situation in which trade is advantageous?
14. China _____ a lot of steel.
15. Explain the role of broadband internet in international integration.
16. It is assumed that when the country starts to trade, then the domestic price will either rise or fall to the world price level.
17. What is "Glocalisation" ?
18. The articles of the General Agreement on Tariffs and Trade (GATT) were originally agreed on _____ and subsequently, with some revisions in _____
19. _____ protects domestic industries against foreign competition by means of tariffs, subsidies, import quotas, slow immigration, or other restrictions or handicaps placed on the imports of foreign competitors
20. Provide the funding of small and medium-sized enterprises, and represents a major function of the general business finance market.
21. What is the sale of products in foreign markets at prices below the minimum level necessary to make a profit called?
22. What determines the prices of internationally traded goods?
23. Which of the following is a reason for exporting
24. It refers to the sale and delivery of an intangible product called service, between producer and consumer.
25. Permitting another party in a foreign country to produce and sell goods under your trademarks, patents or copyrights in exchange of fee is known as _____
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