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International Trade Quiz 92 (25 MCQs)

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1. The product life-cycle theory, proposed by Bertil Ohlin, suggested that as products mature both the location of sales and the optimal production location will change affecting the flow and direction of trade.
2. Regulations limiting the amount of imports being sold in a certain country
3. Tariff definition:
4. Advanced payment is seldom used as a means of securing payment. Name TWO (2) disadvantages of advanced payment to an importer.
5. Based on the following information, please list the transaction procedures of international trade:1. importer applies a letter of credit 2. exporter requests a negotiation from bank 3. importer and exporter sign a sale contract 4. importer entrusts a forwarding and clearing agent for delivery
6. _____ trade is such type of International trade in case of which imported goods could be exported to a third country.
7. What does a product life cycle consist of?
8. The ability of a country to produce more goods at a lower cost.
9. Which term refer to the exchange of goods and services between different countries?
10. Places regulation on international trade which makes sure markets function properly
11. International trade is useful for expanding the market for a product. This system is carried out by making a trade agreement with a country, which is a type of international trade _____
12. What is a local content requirement (LCR)?
13. Why is a weaker dollar bad for US importers and foreign exporters?
14. Where is the headquater of WTO located?
15. A discriminatory act carried out de facto is reflected in_____
16. Without trade, markets are large enough to support the production necessary to achieve economies of scale.
17. A majority of the total world merchandise trade occurs among _____
18. British economist who explained the Recardian Theory
19. What is Import Trade?
20. The oil before refining process is called _____
21. Quota will gives an extra benefit to the government in term of addional revenue
22. The United States does not allow any company to legally import goods from Cuba. This type of trade barrier is known as a/an _____ (check all that apply)
23. Quotas are taxes imposed on imported goods and services.
24. Which of the following is an example of 'Entreport'?
25. Banks must hold a certain amount of money out of circulation. This is referred to as _____
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