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






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






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






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






5. The basis for _____ today is called comparative _________






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






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






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






9. Free enterprise system w/ some government involvement






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






11. Resource created from living & nonliving materials






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






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






14. [FIB] barriers to international trade:






15. Foreign currencies used by countries to conduct international trade






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






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






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






19. 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






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






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






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






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






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






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






26. Tax placed on an imported product






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






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






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






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






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






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






33. Foreign ________ is the lifeblood of ____________ trade






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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