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






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






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






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






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






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






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






8. Foreign currencies used by countries to conduct international trade






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






10. [FIB] barriers to international trade:






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






12. Resource created from living & nonliving materials






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






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






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






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






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






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






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






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






21. Foreign ________ is the lifeblood of ____________ trade






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






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






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






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






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






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






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






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






30. The basis for _____ today is called comparative _________






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






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






33. 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






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






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






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






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






38. Free enterprise system w/ some government involvement






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






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






41. Prohibition on the export or import of a product






42. Tax placed on an imported product






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






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






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






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






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






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






49. Individual who favors fewer or even no trade restrictions






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







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