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International Trade Quiz 97 (25 MCQs)

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1. What are the advantages of trade?
2. The dynamic increasing returns to scale exist if average costs fall as cumulative output over time rises
3. Goods or merchandise
4. Trade between two countries is known as _____
5. According to the strategic trade policy argument:
6. A business enterprise that a domestic company and a foreign company undertake together.
7. _____ measure of how many people live in a specific area.
8. _____ the amount by which the cost of a country's imports exceeds the value of its exports.
9. Canada is our largest trading partner given the fact that we share a lengthy border that facilitates trade.
10. This document is used when sending goods by sea:
11. Nike only releases certain types of Jordans on Christmas and Thanksgiving Day each year. Due to high consumer demand, there is only a limited amount.What is this an example of?
12. A stop or ban on imported goods from a country is _____
13. What goods are the tariffs levied on?
14. Computers made in China are used by students in Italy.
15. Compute for the per capita GDP if:Total GDP-Php400, 000, 000Total population-100, 000, 000 (a)
16. This is an agreement which eliminates or greatly reduces tariffs on trade.
17. Define the advising bank.
18. Who has the absolute advantage for capes?
19. The government provides subsidies to domestic companies to create competitiveness for domestic goods
20. If a _____ for a product or services is more in a country than what it can domestically produce, then it goes for import.
21. Most economists think that consumers benefit most from
22. What do free trade agreements aim to achieve?
23. _____ is the government's principal agency for the promotion of the manufacturing and services sectors in Malaysia.
24. Refers to the ability of a nation to produce a good more efficiently than other nations because of its superior resources.
25. According to the principle of comparative advantage, on what does a country's gains from international trade depend?A. Its level of money wage rates compared to its trading partners.B. It imposing a higher level of tariffs compared to those of its trading partners.C. Its greater productive capacity in some goods compared to its trading partners.D. Its lower opportunity cost in the production of some goods compared to its trading partners.
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