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






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






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






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






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






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






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






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






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






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






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






12. Tax placed on an imported product






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






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






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






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






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






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






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






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






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






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






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






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






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






26. [FIB] barriers to international trade:






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






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






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






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






31. The basis for _____ today is called comparative _________






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






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






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






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






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






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






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






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






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






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






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






43. Foreign ________ is the lifeblood of ____________ trade






44. 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






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






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






47. Individual who favors fewer or even no trade restrictions






48. Resource created from living & nonliving materials






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






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