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International Trade Quiz 93 (25 MCQs)

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1. International business is _____ international trade.
2. Statements that are NOT the scope of international trade activities are _____
3. The most common mode of freight forwarding:
4. The idea that a country gets more power by having more exports than imports, and accumulating more gold and silver than other countries.
5. What is the term used to refer to a set of arrangements by which individuals and firms exchange money now for promises to pay in the future?
6. A detailed summary of all bills of lading and cargo that a ship is carrying
7. Assuming that, In the United States, it takes 5 hours of labors to produce a ton of potatoes and 10 to produce a ton of coal. What is the opportunity cost of potatoes production?
8. Ana takes 30 minutes to wash the dishes and one hour to vacuum the house. Her husband, Joe, takes 15 minutes to wash the dishes and 45 minutes to vacuum. Who should do the vacuuming
9. What is one limitation of the theory of comparative advantage regarding the assumption of perfect information?
10. Korea increases its tariff on goods from the Philippines. Which of the following groups is hurt by this trade barrier?
11. Which product did Vietnam import the most in 2022?
12. U.S. imports decline and the price of imports increases.
13. A product is said to be a 'similar product' when_____
14. The U.S. was founded on the very basis of international trade as Christopher Columbus discovered the new world while looking for a new route to engage in international trade.
15. Currency used in Canada
16. What is the GDP of the U.S.?
17. According to the rule for allocating world production where does goods will always be produced?
18. Is a trade surplus or deficit better for a country
19. Sports teams having their logo on memorabilia is considered?
20. _____ is the most basic economic problem.
21. Trading with only a limited number of countries
22. Liability insurance is an insurance product that provides protection against claims resulting from injuries and damage to other people or property.
23. An agreement existing between two countries is termed _____
24. Which following chapter that does not include any obligations in the 20 groups of deferred obligations of CPTPP?
25. An international organization formed after WWII to promote international peace, security, and cooperation.
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