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






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






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






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






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






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






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






8. Tax placed on an imported product






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






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






11. Prohibition on the export or import of a product






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






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






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






15. Foreign ________ is the lifeblood of ____________ trade






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






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






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






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






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






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






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






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






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






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






26. Individual who favors fewer or even no trade restrictions






27. Resource created from living & nonliving materials






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






29. The primary concern w/ these nations is the ____________ needs - not just the _________






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






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






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






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






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






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






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






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






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






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






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






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






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






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






44. The basis for _____ today is called comparative _________






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






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






47. Foreign currencies used by countries to conduct international trade






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






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