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. Successor of the European community established in 1993 by the Maastricht Treaty






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






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






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






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






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






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






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






9. Individual who favors fewer or even no trade restrictions






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






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






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






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






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






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






16. [FIB] barriers to international trade:






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






18. 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






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






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






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






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






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






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






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






26. Resource created from living & nonliving materials






27. Foreign currencies used by countries to conduct international trade






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






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






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






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






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






33. Tax placed on an imported product






34. Free enterprise system w/ some government involvement






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






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






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






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






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






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






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






42. The basis for _____ today is called comparative _________






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






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






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






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






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






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






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






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