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






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






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






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






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






6. The basis for _____ today is called comparative _________






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






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






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






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






11. Resource created from living & nonliving materials






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






13. 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






14. Tax placed on an imported product






15. Foreign currencies used by countries to conduct international trade






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






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






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






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






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






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






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






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






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






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






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






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






28. Prohibition on the export or import of a product






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






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






31. Foreign ________ is the lifeblood of ____________ trade






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






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






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






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






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






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






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






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






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






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






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






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






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






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






46. [FIB] barriers to international trade:






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






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






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






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