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International Trade Quiz 9 (25 MCQs)

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1. What are trade blocks designed to do?
2. Is the market value of all finished goods and services produced within a country in a year. Can be calculated using production, expeditures or incomes.
3. Inflation can BEST be described as:
4. Specialization is a method of production whereby an entity focuses on the production?
5. What is the daily dollar amount traded on all stock exchange markets?
6. The Law of Comparative Advantage states
7. It is the program you have the possibility to use when an imported good is broken but you still have the warranty from the supplier abroad:
8. What is the aim of protectionism?
9. When a country imports more than they export, it creates a-
10. Which unit does a physical inspection on the products?
11. Commodities that are expensive and gives sense of entitlement and prestige in society.
12. What factors can affect the balance of trade?
13. Argentina increased taxes to 9% on the import of milk powder after record levels of imports and fears Argentina farmers would suffer falling incomes. This is an example of which trade barrier?
14. Goods sent to other countries
15. Which of the following trade barriers would NOT be effective if a leader only wants to limit trade?
16. Protectionist measures by Home increase the national welfare
17. Following the crash in stock market, the US government limited the number of imported agricultural products. What type of trade barrier is it?
18. According to the Buy America Act, if a company wishes to win acontract from a U.S. government agency to provide some equipment, it must ensure that at least 51 percent of the product by value ismanufactured in the United States. This is an example of:
19. The appeal process can only be carried out against:
20. Politics naturally controls and protects the interest of many groups through these tools except
21. What are immigrant remittances?
22. What is one limitation of the theory of comparative advantage regarding the assumption of resource allocation?
23. What is the significance of the Silk Road in the context of global trade?
24. Well-designed products do not need to be changed to suit different countries or cultures.
25. Goods and services consumed in a country but which have been purchased from other countries
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