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International Trade Quiz 90 (30 MCQs)

Quiz Instructions

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1. A country might place a limit on another country to weaken their economy. This is known as which type of trade barrier?
2. (1) ..... is the value of goods and services made in the Philippines while (2) ..... is the value of goods and services made by Filipinos whether they are located in the country or abroad.
3. A tax on an imported good or service.
4. In July 2015, Australia's balance of trade with the rest of the world was-2809 billion Australiandollars. In January 2016 it was-3294 billion Australian dollars.What describes Australia's balance of trade over this period?
5. This form of trade barrier is the harshest and is usually enacted for political purposes to hurt a country economically.
6. Which of the following is not a classical theory?
7. Being idle, the local producers are at an advantage. What is it?
8. If 1 U.S. dollar buys you 1.14 Canadian dollars than which of the following statements is true?
9. What is the term for the cost of borrowing money and also the reward for saving?
10. Which organization is the economic and political union of European nations?
11. *If an exchange rate is more THAN 1, then the dollar is ..... than that currency and those foreign goods and services cost us .....
12. Globalization is .....
13. Exporting can enable a firm to achieve economies of scale, thereby raising its unit costs.
14. How does foreign investment benefit the Australian economy?
15. Occurs in a market when one of the conditions in a perfectly competitive market are left unmet
16. Which government agency oversees customs regulations in Mexico?
17. Resources available = 200 units for each country Production in GhanaCocoa = 10 tonsRice = 5 tons Production in South KoreaCocoa = 2.5 tonsRice = 10 tons Question:After specialization, which country will export Rice?
18. The diagram shows China's trade with Brazil for two years.What happened to China's trade balance with Brazil between year 1 and year 2? A It experienced a falling surplus. B It experienced a rising deficit. C It moved from deficit to surplus. D It moved from surplus to deficit.
19. The physical development of a country, such as roads, ports, and utilities.
20. You travel out of the country and purchase a gift from Germany. Upon returning to the airport in the US, the gift goes through inspection and you are charged for bring the item back into the US. This is an example of a
21. Place an absolute ban on imports or exports in a certain country
22. ..... is an error in Letter of Credit that may result in payment not being released
23. Why do countries trade with each other?
24. Not trading with nations who create products using child labor is used in the argument for
25. Value gained when a country specializes in producing and selling certain goods.
26. The exchange rate is the interest rate that foreign banks receive when borrowing money from the United States.
27. A trade deficit occurs when .....
28. Which factor of production refers to natural resources and raw materials used in production?
29. Travis takes two trips to Ecuador. On his first trip, he finds that one US dollar is worth 25000 Ecuadorian Sucre. On his return trip, he finds that the dollar is now worth 26000 Ecuadorian Sucre. What is a LIKELY result of this change in exchange rates?
30. Fixed limit on the amount of import/export of a product set when trading with another country
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