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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. Prohibition on the export or import of a product
hydroelectric - biomass - solar - wind - gasohol
embargo
most favored nation clause
ASEAN
2. Individual who favors fewer or even no trade restrictions
free traders
ASEAN
trade surplus
nations - produce - trade - output
3. Some smaller ______ use a fixed ____ that ties their value to that of other major _________
nations - rate - currencies
hydroelectric - biomass - solar - wind - gasohol
exchange - currencies
biomass
4. It was the oil _______ of the early ____s that pushed the U.S. to seek out new sources of ______
IMF - Bank - agencies - development
GATT - Trade - trade - disputes
embargo - 1970 - energy
exchange - currencies
5. The ___ & the World ____ are the 2 major international ________ that help w/ ___________
nations - produce - trade - output
exports
IMF - Bank - agencies - development
restrict - markets - globe
6. System under which the value of currencies were fixed in relation to one another
fixed exchange rate
nation - nations
embargo
capitalism - goals
7. Malthus didn't take into account the advancement of _________ that would effect all of the factors
free trade area
birth - life - national - education - religion - corruption - war - debt
exchange - currencies
technology
8. Free enterprise system w/ some government involvement
trade - advantage
capitalism - goals
modified free enterprise economy
nations - rate - currencies
9. Foreign ________ is the lifeblood of ____________ trade
tariffs - quotas - licensing - health certification - voluntary quotas
exchange - international
embargo - 1970 - energy
embargo
10. Legislation is passed on a continuing basis as it continues to ____ & demand immediate _________
council - thinking - decision - analysis
fixed exchange rate
nation - nations
grow - attention
11. Absolute _________ means that a country can produce more of a ____ than another country can
endangered - boom - water - land
most favored nation clause
World Trade Organization
advantage - good
12. The basis for _____ today is called comparative _________
tariffs - quotas - licensing - health certification - voluntary quotas
embargo - 1970 - energy
NAFTA
trade - advantage
13. ______ was created to open up free trade b/w the ____ - ______ - & ______
tariff
exports
humanitarian - political
NAFTA - U.S. - Canada - Mexico
14. The goods & services that a nation produces & then sells to other nations
IMF - Bank - agencies - development
economists - pollution - incentives
exports
exchange - international
15. International agency that administers trade agreements - settles trade disputes b/w governments - organizes trade negotiation - & provides technical assistance & training for developing countries
nation - nations
exports
World Trade Organization
technology
16. The value of foreign exchange is determined in foreign ________ markets where __________ are bought & sold
capitalism - goals
humanitarian - political
trade deficit
exchange - currencies
17. [FIB] barriers to international trade:
exchange - currencies
fixed exchange rate
imports
tariffs - quotas - licensing - health certification - voluntary quotas
18. [ESSAY] Major challenges of developing nations: high _____ rates - increasing ____ expectancies - shortage of __________ resources - limited ________ & technology - ________ - large scale __________ - aftermath of ___ - external ____
birth - life - national - education - religion - corruption - war - debt
economists - pollution - incentives
advantage - good
credits - certificates - ton - atmosphere
19. Tax placed on an imported product
nations - rate - currencies
flexible exchange rate
advantage - good
tariff
20. [FIB] Most widely used non renewable _________ of today: ___ - _______ gas - ____
humanitarian - political
resources: - oil - natural - coal
subsistence
birth - life - national - education - religion - corruption - war - debt
21. Agreement signed in 1993 to reduce tariffs b/w the U.S. - Canada - & Mexico
advantage - good
tariffs - Depression - world - free
modified free enterprise economy
NAFTA
22. Programs including pollution _____ & pollution _______ are designed to give firms the ________ not to ________
taxes - permits - incentive - pollute
IMF - Bank - agencies - development
ASEAN
NAFTA
23. Barriers have been used to _______ the flow of products to _______ across the ______
fixed exchange rate
restrict - markets - globe
nations - produce - trade - output
capitalism - goals
24. System that relies on supply & demand to determine the value of one currency in terms of another
problems - scale
international
tariffs - quotas - licensing - health certification - voluntary quotas
flexible exchange rate
25. 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
capitalism - goals
trade surplus
gasohol
nations - produce - trade - output
26. A fundamental knowledge of ________ is key to understand our modern _______ b/c __________ has become the dominant economic ______ today
European Union
council - thinking - decision - analysis
economics - society - capitalism - system
capitalism - goals
27. Modern _________ is suited to meet the economic _____ of the people
economics - society - capitalism - system
capitalism - goals
embargo
exchange - international
28. Group of 10 Southeast Asian nations working to promote regional cooperation - economic growth - & trade
ASEAN
nations - produce - trade - output
credits - certificates - ton - atmosphere
dumping
29. Trade law allowing a third country to enjoy the same tariff reductions the U.S. negotiates w/ another country
most favored nation clause
fixed exchange rate
exports
credits - certificates - ton - atmosphere
30. Foreign currencies used by countries to conduct international trade
foreign exchange
floating - flexible - supply - demand - currency
dumping
resources: - oil - natural - coal
31. [FIB] U.S. sources of energy: ______________ power - _______ - ______ power - ____ power - _______
exchange - international
hydroelectric - biomass - solar - wind - gasohol
expropriation
problems - scale
32. Situation occurring when the value of a nation's exports exceeds the value of its imports
restrict - markets - globe
trade surplus
credits - certificates - ton - atmosphere
World Trade Organization
33. The primary concern w/ these nations is the ____________ needs - not just the _________
markets - free - future
humanitarian - political
nation - nations
IMF - Bank - agencies - development
34. More than ___ years ago - it was predicted by _______ _______ the problems that would be associated w/ developing _______ : high ______ rates - _____ - threat of a subsistence ________ of ______
tariff
200 - Thomas Malthus - nations - birth - famine - standard - living
embargo
international
35. Most favored ______ clause is important b/c it gives them the same tariff reductions the U.S. provides other _______
tariffs - Depression - world - free
credits - certificates - ton - atmosphere
embargo - 1970 - energy
nation - nations
36. 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
most favored nation clause
exchange - international
37. The national _______ for economic ________ has recommended a 5 point approach to _______ making & the final step is cost benefit ________
council - thinking - decision - analysis
ASEAN
economists - pollution - incentives
markets - free - future
38. Selling products outside of the country for less than it costs to produce them at home
dumping
biomass
200 - Thomas Malthus - nations - birth - famine - standard - living
national defense - infant industries - protecting domestic jobs- keeping money at home
39. _________ is an expanding problem that ___________ seek to find answer to
capitalism - goals
free traders
population - governments
European Union
40. Successor of the European community established in 1993 by the Maastricht Treaty
tariff
European Union
billion - 1
embargo
41. Government confiscation of private or foreign owned goods w/o compensation
tariffs - Depression - world - free
billion - 1
tariff
expropriation
42. Today there are 1.2 _______ people who make less than $_ a day
markets - free - future
nation - nations
taxes - permits - incentive - pollute
billion - 1
43. Carbon _______ are tradable ___________ that give the right to emit 1 ___ of carbon into the ____________
international
exchange - international
grow - attention
credits - certificates - ton - atmosphere
44. Most countries uses a system of ________ or ________ exchange rates - meaning that ______ & ______ determine the nation's ________ value
flexible exchange rate
floating - flexible - supply - demand - currency
fixed exchange rate
taxes - permits - incentive - pollute
45. Resource created from living & nonliving materials
trade deficit
gasohol
advantage - good
biomass
46. Mixture of 90% unleaded gasoline & 10% grain alcohol
grow - attention
problems - scale
NAFTA
gasohol
47. True flexibility ________ enable the modern modified ____ enterprise economy to better deal w/ the unforeseen events of the _______
markets - free - future
trade surplus
ASEAN
protectionists
48. [FIB] Protectionists support trade barriers on the basis of:
national defense - infant industries - protecting domestic jobs- keeping money at home
ASEAN
grow - attention
flexible exchange rate
49. Balance of payments outcome when spending on imports exceeds revenues received from exports
nations - rate - currencies
imports
trade deficit
nation - nations
50. State in which a society produces barely enough to support itself
subsistence
restrict - markets - globe
foreign exchange
advantage - good