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. The goods & services that a nation buys from other nations






2. Absolute _________ means that a country can produce more of a ____ than another country can






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






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






5. [FIB] barriers to international trade:






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






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






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






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






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






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






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






13. Deprived nations face the same ________ large nations encounter - just on a greater _____






14. International agency that administers trade agreements - settles trade disputes b/w governments - organizes trade negotiation - & provides technical assistance & training for developing countries






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






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






17. Resource created from living & nonliving materials






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






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






20. Foreign currencies used by countries to conduct international trade






21. Individual who favors fewer or even no trade restrictions






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






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






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






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






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






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






28. Trade law allowing a third country to enjoy the same tariff reductions the U.S. negotiates w/ another country






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






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






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






32. Group of countries that have agreed to reduce trade barriers among themselves - but lack a common tariff barrier for nonmembers






33. [ESSAY] Major challenges of developing nations: high _____ rates - increasing ____ expectancies - shortage of __________ resources - limited ________ & technology - ________ - large scale __________ - aftermath of ___ - external ____






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






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






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






37. The basis for _____ today is called comparative _________






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






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






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






41. Foreign ________ is the lifeblood of ____________ trade






42. System under which the value of currencies were fixed in relation to one another






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






44. Free enterprise system w/ some government involvement






45. 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






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






47. _________ is an expanding problem that ___________ seek to find answer to






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






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






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