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INTERNATIONAL TRADE

Quiz by Dhivya

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24 questions
Show answers
  • Q1
    What is the primary purpose of a trade agreement between countries?
    To reduce trade barriers and increase economic cooperation
    To establish a common currency
    To eliminate all trade altogether
    To increase tariffs on imports
    30s
  • Q2
    Which of the following is a likely outcome of free trade?
    Increased competition among businesses
    Higher prices for consumers
    Decreased product variety
    Reduced efficiency in production
    30s
  • Q3
    What term describes a tax imposed on imported goods?
    Embargo
    Subsidy
    Tariff
    Quota
    30s
  • Q4
    What is the concept of comparative advantage in international trade?
    The requirement for countries to trade equally
    The ability of a country to produce more goods than another
    The ability of a country to produce a good at a lower opportunity cost than another country
    The concept of maintaining trade surpluses only
    30s
  • Q5
    What is a trade deficit?
    When a country's imports exceed its exports
    When a country has a balanced trade
    When a country stops trading altogether
    When a country's exports exceed its imports
    30s
  • Q6
    What does the term 'protectionism' refer to in international trade?
    Policies that promote free trade without restrictions
    A treaty to eliminate tariffs
    Government policies that restrict international trade to protect domestic industries
    Agreements to share resources among countries
    30s
  • Q7
    Which international organization is primarily responsible for regulating and facilitating international trade?
    World Bank
    International Monetary Fund (IMF)
    World Trade Organization (WTO)
    United Nations (UN)
    30s
  • Q8
    What is the effect of globalization on international trade?
    It leads to higher tariffs globally
    It decreases the flow of goods and services
    It tends to increase trade between nations by reducing barriers
    It isolates economies from one another
    30s
  • Q9
    Which trade model emphasizes that countries benefit by specializing in the production of goods they can produce most efficiently?
    Ricardo Model
    Mercantilism
    Heckscher-Ohlin Model
    Smithian Model
    30s
  • Q10
    What is a common reason for countries to impose import quotas?
    To protect domestic industries from foreign competition
    To reduce domestic production costs
    To promote free trade agreements
    To enhance international relations
    30s
  • Q11
    What is a major benefit of international trade for countries?
    Isolation from global markets
    Decreased competition
    Increased tariffs
    Access to a broader range of goods and services
    30s
  • Q12
    Which of the following is a common barrier to international trade?
    Time zones
    Cultural differences
    Exchange rates
    Tariffs
    30s
  • Q13
    What does the term 'trade deficit' refer to?
    A type of trade agreement
    A balanced trade situation
    A situation where a country's imports exceed its exports
    A situation where a country's exports exceed its imports
    30s
  • Q14
    Which of the following organizations is primarily responsible for regulating international trade?
    United Nations (UN)
    World Bank
    World Trade Organization (WTO)
    International Monetary Fund (IMF)
    30s
  • Q15
    What is the concept of comparative advantage in international trade?
    The total value of exports minus imports
    The ability of a country to produce a good at a lower opportunity cost than another country
    The ability to produce more of a good than another country
    The use of tariffs to protect domestic industries
    30s

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