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Test your basic knowledge |
Foreign Trade Global
Start Test
Study First
Subjects
:
business-skills
,
industries
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. Free enterprise system w/ some government involvement
nations - produce - trade - output
modified free enterprise economy
advantage - good
most favored nation clause
2. Person who would protect domestic producers w/ tariffs - quotas - & other trade barriers
restrict - markets - globe
fixed exchange rate
protectionists
population - governments
3. Malthus didn't take into account the advancement of _________ that would effect all of the factors
nations - rate - currencies
technology
problems - scale
billion - 1
4. The goods & services that a nation buys from other nations
exchange - international
council - thinking - decision - analysis
200 - Thomas Malthus - nations - birth - famine - standard - living
imports
5. System that relies on supply & demand to determine the value of one currency in terms of another
expropriation
dumping
flexible exchange rate
traders - arguments - consumer
6. Group of 10 Southeast Asian nations working to promote regional cooperation - economic growth - & trade
embargo - 1970 - energy
protectionists
ASEAN
subsistence
7. Deprived nations face the same ________ large nations encounter - just on a greater _____
hydroelectric - biomass - solar - wind - gasohol
problems - scale
imports
resources: - oil - natural - coal
8. More than ___ years ago - it was predicted by _______ _______ the problems that would be associated w/ developing _______ : high ______ rates - _____ - threat of a subsistence ________ of ______
tariffs - quotas - licensing - health certification - voluntary quotas
national defense - infant industries - protecting domestic jobs- keeping money at home
200 - Thomas Malthus - nations - birth - famine - standard - living
NAFTA - U.S. - Canada - Mexico
9. High _______ were one of the primary causes associated w/ the Great __________ - yet the _____ has moved toward ____ trade ever since the
trade deficit
tariffs - Depression - world - free
imports
NAFTA - U.S. - Canada - Mexico
10. ___________ argue _________ can't be controlled until economic __________ to pollute are removed
capitalism - goals
free trade area
exchange - currencies
economists - pollution - incentives
11. Most countries uses a system of ________ or ________ exchange rates - meaning that ______ & ______ determine the nation's ________ value
floating - flexible - supply - demand - currency
protectionists
modified free enterprise economy
international
12. Mixture of 90% unleaded gasoline & 10% grain alcohol
economists - pollution - incentives
humanitarian - political
gasohol
tariffs - Depression - world - free
13. Individual who favors fewer or even no trade restrictions
credits - certificates - ton - atmosphere
free traders
tariffs - quotas - licensing - health certification - voluntary quotas
tariffs - Depression - world - free
14. Foreign ________ is the lifeblood of ____________ trade
tariffs - Depression - world - free
modified free enterprise economy
exchange - currencies
exchange - international
15. True flexibility ________ enable the modern modified ____ enterprise economy to better deal w/ the unforeseen events of the _______
markets - free - future
biomass
modified free enterprise economy
subsistence
16. Resource created from living & nonliving materials
exchange - currencies
ASEAN
biomass
free traders
17. The goods & services that a nation produces & then sells to other nations
biomass
flexible exchange rate
capitalism - goals
exports
18. Absolute _________ means that a country can produce more of a ____ than another country can
free trade area
embargo - 1970 - energy
advantage - good
fixed exchange rate
19. The ____ was established in 1947 & evolved into the World _____ Organization which now tries to open nations up to _____ & settle ________
GATT - Trade - trade - disputes
NAFTA
nations - rate - currencies
economists - pollution - incentives
20. [FIB] U.S. sources of energy: ______________ power - _______ - ______ power - ____ power - _______
hydroelectric - biomass - solar - wind - gasohol
economics - society - capitalism - system
humanitarian - political
exchange - currencies
21. Selling products outside of the country for less than it costs to produce them at home
modified free enterprise economy
free trade area
dumping
billion - 1
22. Barriers have been used to _______ the flow of products to _______ across the ______
economists - pollution - incentives
endangered - boom - water - land
economics - society - capitalism - system
restrict - markets - globe
23. Other resources that are becoming more __________ due to the population ____ are _____ & ____
humanitarian - political
tariffs - Depression - world - free
nations - rate - currencies
endangered - boom - water - land
24. Most favored ______ clause is important b/c it gives them the same tariff reductions the U.S. provides other _______
European Union
free trade area
NAFTA
nation - nations
25. Situation occurring when the value of a nation's exports exceeds the value of its imports
national defense - infant industries - protecting domestic jobs- keeping money at home
flexible exchange rate
trade surplus
trade - advantage
26. ______ was created to open up free trade b/w the ____ - ______ - & ______
NAFTA - U.S. - Canada - Mexico
tariffs - Depression - world - free
NAFTA
birth - life - national - education - religion - corruption - war - debt
27. Group of countries that have agreed to reduce trade barriers among themselves - but lack a common tariff barrier for nonmembers
free trade area
trade deficit
grow - attention
economics - society - capitalism - system
28. International agency that administers trade agreements - settles trade disputes b/w governments - organizes trade negotiation - & provides technical assistance & training for developing countries
exports
resources: - oil - natural - coal
World Trade Organization
technology
29. Free _______ believe that all of the protectionists _________ are flawed - due to the restriction that it places on the ________
technology
tariffs - quotas - licensing - health certification - voluntary quotas
traders - arguments - consumer
nation - nations
30. The basis for _____ today is called comparative _________
World Trade Organization
GATT - Trade - trade - disputes
free trade area
trade - advantage
31. Tax placed on an imported product
hydroelectric - biomass - solar - wind - gasohol
national defense - infant industries - protecting domestic jobs- keeping money at home
tariff
grow - attention
32. A fundamental knowledge of ________ is key to understand our modern _______ b/c __________ has become the dominant economic ______ today
economics - society - capitalism - system
council - thinking - decision - analysis
nations - rate - currencies
gasohol
33. Some smaller ______ use a fixed ____ that ties their value to that of other major _________
subsistence
foreign exchange
nations - rate - currencies
World Trade Organization
34. The ___ & the World ____ are the 2 major international ________ that help w/ ___________
IMF - Bank - agencies - development
grow - attention
tariffs - quotas - licensing - health certification - voluntary quotas
markets - free - future
35. Modern _________ is suited to meet the economic _____ of the people
capitalism - goals
population - governments
advantage - good
European Union
36. The primary concern w/ these nations is the ____________ needs - not just the _________
World Trade Organization
humanitarian - political
restrict - markets - globe
nations - produce - trade - output
37. 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
dumping
exchange - currencies
nations - produce - trade - output
billion - 1
38. [FIB] barriers to international trade:
grow - attention
restrict - markets - globe
markets - free - future
tariffs - quotas - licensing - health certification - voluntary quotas
39. The national _______ for economic ________ has recommended a 5 point approach to _______ making & the final step is cost benefit ________
council - thinking - decision - analysis
markets - free - future
population - governments
imports
40. Legislation is passed on a continuing basis as it continues to ____ & demand immediate _________
fixed exchange rate
GATT - Trade - trade - disputes
grow - attention
billion - 1
41. Programs including pollution _____ & pollution _______ are designed to give firms the ________ not to ________
tariffs - quotas - licensing - health certification - voluntary quotas
taxes - permits - incentive - pollute
problems - scale
embargo
42. [FIB] Protectionists support trade barriers on the basis of:
ASEAN
World Trade Organization
national defense - infant industries - protecting domestic jobs- keeping money at home
subsistence
43. State in which a society produces barely enough to support itself
floating - flexible - supply - demand - currency
subsistence
grow - attention
ASEAN
44. It was the oil _______ of the early ____s that pushed the U.S. to seek out new sources of ______
embargo - 1970 - energy
World Trade Organization
flexible exchange rate
council - thinking - decision - analysis
45. _________ is an expanding problem that ___________ seek to find answer to
hydroelectric - biomass - solar - wind - gasohol
grow - attention
economics - society - capitalism - system
population - governments
46. Government confiscation of private or foreign owned goods w/o compensation
expropriation
international
European Union
trade surplus
47. The value of foreign exchange is determined in foreign ________ markets where __________ are bought & sold
World Trade Organization
tariffs - quotas - licensing - health certification - voluntary quotas
exchange - currencies
economics - society - capitalism - system
48. [FIB] Most widely used non renewable _________ of today: ___ - _______ gas - ____
taxes - permits - incentive - pollute
resources: - oil - natural - coal
World Trade Organization
billion - 1
49. Balance of payments outcome when spending on imports exceeds revenues received from exports
biomass
endangered - boom - water - land
trade deficit
IMF - Bank - agencies - development
50. Foreign currencies used by countries to conduct international trade
hydroelectric - biomass - solar - wind - gasohol
foreign exchange
trade - advantage
grow - attention