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






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






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






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






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






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






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






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






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






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






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






12. 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






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






14. Resource created from living & nonliving materials






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






16. Foreign currencies used by countries to conduct international trade






17. The basis for _____ today is called comparative _________






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






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






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






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






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






23. Foreign ________ is the lifeblood of ____________ trade






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






25. Individual who favors fewer or even no trade restrictions






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






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






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






29. [FIB] barriers to international trade:






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






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






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






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






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






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






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






37. Free enterprise system w/ some government involvement






38. Tax placed on an imported product






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






40. Prohibition on the export or import of a product






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






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






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






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






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






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






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






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






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






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