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






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






3. Tax placed on an imported product






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






5. Foreign ________ is the lifeblood of ____________ trade






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






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






8. 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






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






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






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






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






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






14. Individual who favors fewer or even no trade restrictions






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






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






17. Free enterprise system w/ some government involvement






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






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






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






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






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






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






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






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






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






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






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






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






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






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






32. [FIB] barriers to international trade:






33. Prohibition on the export or import of a product






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






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






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






37. Resource created from living & nonliving materials






38. The basis for _____ today is called comparative _________






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






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






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






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






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






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






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






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






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






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






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






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