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






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






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






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






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






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






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






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






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






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






11. [FIB] barriers to international trade:






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






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






14. Tax placed on an imported product






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






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






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






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






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






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






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






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






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






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






26. The basis for _____ today is called comparative _________






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






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






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






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






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






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






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






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






35. Foreign ________ is the lifeblood of ____________ trade






36. Foreign currencies used by countries to conduct international trade






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






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






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






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






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






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






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






44. Individual who favors fewer or even no trade restrictions






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






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






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






48. Resource created from living & nonliving materials






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






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