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] barriers to international trade:






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






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






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






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






6. Individual who favors fewer or even no trade restrictions






7. Tax placed on an imported product






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






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






10. Prohibition on the export or import of a product






11. Free enterprise system w/ some government involvement






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






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






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






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






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






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






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






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






20. Foreign currencies used by countries to conduct international trade






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






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






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






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






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






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






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






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






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






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






31. Resource created from living & nonliving materials






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






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






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






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






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






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






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






39. The basis for _____ today is called comparative _________






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






41. Foreign ________ is the lifeblood of ____________ trade






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






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






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






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






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






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






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






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






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