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Foreign Trade Global
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Study First
Subjects
:
business-skills
,
industries
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. Programs including pollution _____ & pollution _______ are designed to give firms the ________ not to ________
taxes - permits - incentive - pollute
free traders
credits - certificates - ton - atmosphere
imports
2. Other resources that are becoming more __________ due to the population ____ are _____ & ____
endangered - boom - water - land
nations - rate - currencies
European Union
ASEAN
3. Mixture of 90% unleaded gasoline & 10% grain alcohol
200 - Thomas Malthus - nations - birth - famine - standard - living
gasohol
credits - certificates - ton - atmosphere
advantage - good
4. The ___ & the World ____ are the 2 major international ________ that help w/ ___________
flexible exchange rate
nation - nations
resources: - oil - natural - coal
IMF - Bank - agencies - development
5. Barriers have been used to _______ the flow of products to _______ across the ______
tariff
GATT - Trade - trade - disputes
restrict - markets - globe
capitalism - goals
6. Foreign ________ is the lifeblood of ____________ trade
exchange - international
problems - scale
World Trade Organization
imports
7. Today there are 1.2 _______ people who make less than $_ a day
fixed exchange rate
resources: - oil - natural - coal
billion - 1
expropriation
8. The national _______ for economic ________ has recommended a 5 point approach to _______ making & the final step is cost benefit ________
markets - free - future
economists - pollution - incentives
council - thinking - decision - analysis
traders - arguments - consumer
9. A fundamental knowledge of ________ is key to understand our modern _______ b/c __________ has become the dominant economic ______ today
floating - flexible - supply - demand - currency
technology
economics - society - capitalism - system
humanitarian - political
10. Successor of the European community established in 1993 by the Maastricht Treaty
billion - 1
most favored nation clause
foreign exchange
European Union
11. The basis for _____ today is called comparative _________
trade deficit
trade - advantage
tariffs - Depression - world - free
grow - attention
12. Malthus didn't take into account the advancement of _________ that would effect all of the factors
technology
NAFTA - U.S. - Canada - Mexico
council - thinking - decision - analysis
billion - 1
13. [ESSAY] Major challenges of developing nations: high _____ rates - increasing ____ expectancies - shortage of __________ resources - limited ________ & technology - ________ - large scale __________ - aftermath of ___ - external ____
nations - produce - trade - output
foreign exchange
birth - life - national - education - religion - corruption - war - debt
exchange - international
14. Carbon _______ are tradable ___________ that give the right to emit 1 ___ of carbon into the ____________
credits - certificates - ton - atmosphere
IMF - Bank - agencies - development
European Union
taxes - permits - incentive - pollute
15. Most favored ______ clause is important b/c it gives them the same tariff reductions the U.S. provides other _______
flexible exchange rate
nation - nations
nations - rate - currencies
protectionists
16. Tax placed on an imported product
embargo - 1970 - energy
tariff
council - thinking - decision - analysis
exchange - currencies
17. [FIB] Most widely used non renewable _________ of today: ___ - _______ gas - ____
free trade area
nations - rate - currencies
tariffs - Depression - world - free
resources: - oil - natural - coal
18. ______ was created to open up free trade b/w the ____ - ______ - & ______
technology
NAFTA - U.S. - Canada - Mexico
dumping
resources: - oil - natural - coal
19. Balance of payments outcome when spending on imports exceeds revenues received from exports
markets - free - future
ASEAN
economists - pollution - incentives
trade deficit
20. The primary concern w/ these nations is the ____________ needs - not just the _________
international
humanitarian - political
birth - life - national - education - religion - corruption - war - debt
embargo
21. State in which a society produces barely enough to support itself
grow - attention
GATT - Trade - trade - disputes
subsistence
trade - advantage
22. Selling products outside of the country for less than it costs to produce them at home
embargo
billion - 1
World Trade Organization
dumping
23. Government confiscation of private or foreign owned goods w/o compensation
taxes - permits - incentive - pollute
international
NAFTA - U.S. - Canada - Mexico
expropriation
24. The goods & services that a nation buys from other nations
economics - society - capitalism - system
imports
problems - scale
national defense - infant industries - protecting domestic jobs- keeping money at home
25. Absolute _________ means that a country can produce more of a ____ than another country can
restrict - markets - globe
advantage - good
capitalism - goals
markets - free - future
26. Resource created from living & nonliving materials
ASEAN
biomass
protectionists
free trade area
27. [FIB] Protectionists support trade barriers on the basis of:
national defense - infant industries - protecting domestic jobs- keeping money at home
protectionists
most favored nation clause
modified free enterprise economy
28. Most countries uses a system of ________ or ________ exchange rates - meaning that ______ & ______ determine the nation's ________ value
floating - flexible - supply - demand - currency
economics - society - capitalism - system
trade - advantage
credits - certificates - ton - atmosphere
29. Trade law allowing a third country to enjoy the same tariff reductions the U.S. negotiates w/ another country
trade surplus
most favored nation clause
World Trade Organization
tariffs - quotas - licensing - health certification - voluntary quotas
30. Situation occurring when the value of a nation's exports exceeds the value of its imports
problems - scale
hydroelectric - biomass - solar - wind - gasohol
trade surplus
free trade area
31. Individual who favors fewer or even no trade restrictions
free traders
taxes - permits - incentive - pollute
GATT - Trade - trade - disputes
imports
32. International agency that administers trade agreements - settles trade disputes b/w governments - organizes trade negotiation - & provides technical assistance & training for developing countries
GATT - Trade - trade - disputes
World Trade Organization
expropriation
exchange - international
33. Agreement signed in 1993 to reduce tariffs b/w the U.S. - Canada - & Mexico
billion - 1
endangered - boom - water - land
NAFTA
hydroelectric - biomass - solar - wind - gasohol
34. Group of 10 Southeast Asian nations working to promote regional cooperation - economic growth - & trade
nations - produce - trade - output
economists - pollution - incentives
ASEAN
traders - arguments - consumer
35. Prohibition on the export or import of a product
taxes - permits - incentive - pollute
expropriation
GATT - Trade - trade - disputes
embargo
36. Modern _________ is suited to meet the economic _____ of the people
resources: - oil - natural - coal
trade - advantage
council - thinking - decision - analysis
capitalism - goals
37. Deprived nations face the same ________ large nations encounter - just on a greater _____
nations - rate - currencies
markets - free - future
subsistence
problems - scale
38. The goods & services that a nation produces & then sells to other nations
most favored nation clause
exports
tariffs - Depression - world - free
fixed exchange rate
39. Legislation is passed on a continuing basis as it continues to ____ & demand immediate _________
exports
grow - attention
flexible exchange rate
dumping
40. Free _______ believe that all of the protectionists _________ are flawed - due to the restriction that it places on the ________
200 - Thomas Malthus - nations - birth - famine - standard - living
traders - arguments - consumer
fixed exchange rate
most favored nation clause
41. System under which the value of currencies were fixed in relation to one another
technology
exports
fixed exchange rate
gasohol
42. True flexibility ________ enable the modern modified ____ enterprise economy to better deal w/ the unforeseen events of the _______
European Union
tariffs - quotas - licensing - health certification - voluntary quotas
trade surplus
markets - free - future
43. Some smaller ______ use a fixed ____ that ties their value to that of other major _________
nations - rate - currencies
international
imports
nation - nations
44. [FIB] barriers to international trade:
tariffs - quotas - licensing - health certification - voluntary quotas
markets - free - future
traders - arguments - consumer
trade deficit
45. The value of foreign exchange is determined in foreign ________ markets where __________ are bought & sold
exports
credits - certificates - ton - atmosphere
hydroelectric - biomass - solar - wind - gasohol
exchange - currencies
46. [FIB] U.S. sources of energy: ______________ power - _______ - ______ power - ____ power - _______
hydroelectric - biomass - solar - wind - gasohol
expropriation
most favored nation clause
gasohol
47. High _______ were one of the primary causes associated w/ the Great __________ - yet the _____ has moved toward ____ trade ever since the
trade surplus
trade deficit
tariffs - Depression - world - free
modified free enterprise economy
48. The ____ was established in 1947 & evolved into the World _____ Organization which now tries to open nations up to _____ & settle ________
protectionists
200 - Thomas Malthus - nations - birth - famine - standard - living
GATT - Trade - trade - disputes
tariffs - Depression - world - free
49. Group of countries that have agreed to reduce trade barriers among themselves - but lack a common tariff barrier for nonmembers
tariff
foreign exchange
economists - pollution - incentives
free trade area
50. System that relies on supply & demand to determine the value of one currency in terms of another
trade deficit
international
flexible exchange rate
population - governments
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