Test your basic knowledge |

Foreign Trade Global

Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. [ESSAY] Major challenges of developing nations: high _____ rates - increasing ____ expectancies - shortage of __________ resources - limited ________ & technology - ________ - large scale __________ - aftermath of ___ - external ____






2. Some smaller ______ use a fixed ____ that ties their value to that of other major _________






3. Most countries uses a system of ________ or ________ exchange rates - meaning that ______ & ______ determine the nation's ________ value






4. [FIB] Most widely used non renewable _________ of today: ___ - _______ gas - ____






5. The value of foreign exchange is determined in foreign ________ markets where __________ are bought & sold






6. Foreign currencies used by countries to conduct international trade






7. Foreign ________ is the lifeblood of ____________ trade






8. It was the oil _______ of the early ____s that pushed the U.S. to seek out new sources of ______






9. System that relies on supply & demand to determine the value of one currency in terms of another






10. Selling products outside of the country for less than it costs to produce them at home






11. Group of 10 Southeast Asian nations working to promote regional cooperation - economic growth - & trade






12. True flexibility ________ enable the modern modified ____ enterprise economy to better deal w/ the unforeseen events of the _______






13. Programs including pollution _____ & pollution _______ are designed to give firms the ________ not to ________






14. Carbon _______ are tradable ___________ that give the right to emit 1 ___ of carbon into the ____________






15. Prohibition on the export or import of a product






16. Mixture of 90% unleaded gasoline & 10% grain alcohol






17. Person who would protect domestic producers w/ tariffs - quotas - & other trade barriers






18. [FIB] Protectionists support trade barriers on the basis of:






19. Other resources that are becoming more __________ due to the population ____ are _____ & ____






20. Malthus didn't take into account the advancement of _________ that would effect all of the factors






21. The basis for _____ today is called comparative _________






22. A fundamental knowledge of ________ is key to understand our modern _______ b/c __________ has become the dominant economic ______ today






23. The ___ & the World ____ are the 2 major international ________ that help w/ ___________






24. The national _______ for economic ________ has recommended a 5 point approach to _______ making & the final step is cost benefit ________






25. Barriers have been used to _______ the flow of products to _______ across the ______






26. The U.S. is extensively involved in _____________ trade






27. [FIB] U.S. sources of energy: ______________ power - _______ - ______ power - ____ power - _______






28. The primary concern w/ these nations is the ____________ needs - not just the _________






29. Most favored ______ clause is important b/c it gives them the same tariff reductions the U.S. provides other _______






30. ___________ argue _________ can't be controlled until economic __________ to pollute are removed






31. Free enterprise system w/ some government involvement






32. Modern _________ is suited to meet the economic _____ of the people






33. High _______ were one of the primary causes associated w/ the Great __________ - yet the _____ has moved toward ____ trade ever since the






34. The goods & services that a nation produces & then sells to other nations






35. Situation occurring when the value of a nation's exports exceeds the value of its imports






36. State in which a society produces barely enough to support itself






37. ______ was created to open up free trade b/w the ____ - ______ - & ______






38. [FIB] barriers to international trade:






39. If people & _______ specialize in the things they _______ relatively more efficiently - & if they engage in _____ to secure the things they do no produce then total world ______ will increase






40. Agreement signed in 1993 to reduce tariffs b/w the U.S. - Canada - & Mexico






41. Resource created from living & nonliving materials






42. Balance of payments outcome when spending on imports exceeds revenues received from exports






43. Tax placed on an imported product






44. Government confiscation of private or foreign owned goods w/o compensation






45. The ____ was established in 1947 & evolved into the World _____ Organization which now tries to open nations up to _____ & settle ________






46. More than ___ years ago - it was predicted by _______ _______ the problems that would be associated w/ developing _______ : high ______ rates - _____ - threat of a subsistence ________ of ______






47. Legislation is passed on a continuing basis as it continues to ____ & demand immediate _________






48. Today there are 1.2 _______ people who make less than $_ a day






49. Free _______ believe that all of the protectionists _________ are flawed - due to the restriction that it places on the ________






50. Individual who favors fewer or even no trade restrictions