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Foreign Trade Global

Instructions:
  • Answer 50 questions in 30 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. Trade law allowing a third country to enjoy the same tariff reductions the U.S. negotiates w/ another country






2. Prohibition on the export or import of a product






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






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






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






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






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






8. The basis for _____ today is called comparative _________






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






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






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






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






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






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






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






16. [FIB] barriers to international trade:






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






18. Foreign currencies used by countries to conduct international trade






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






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






21. 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






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






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






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






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






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






27. Foreign ________ is the lifeblood of ____________ trade






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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