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. Prohibition on the export or import of a product






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






21. Tax placed on an imported product






22. Foreign currencies used by countries to conduct international trade






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






24. Resource created from living & nonliving materials






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






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






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






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






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






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






31. Free enterprise system w/ some government involvement






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






33. Individual who favors fewer or even no trade restrictions






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






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






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






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






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






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






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






41. The basis for _____ today is called comparative _________






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






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






44. Foreign ________ is the lifeblood of ____________ trade






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






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






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






48. 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






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






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