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






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






3. Foreign ________ is the lifeblood of ____________ trade






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






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






6. Tax placed on an imported product






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






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






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






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






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






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






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






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






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






16. Resource created from living & nonliving materials






17. Free enterprise system w/ some government involvement






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






19. [FIB] barriers to international trade:






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






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






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






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






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






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






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






27. 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






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






29. Individual who favors fewer or even no trade restrictions






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






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






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






33. Prohibition on the export or import of a product






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






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






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






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






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






39. The basis for _____ today is called comparative _________






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






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






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






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






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






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






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






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






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






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






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