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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. It was the oil _______ of the early ____s that pushed the U.S. to seek out new sources of ______
gasohol
embargo - 1970 - energy
NAFTA
trade surplus
2. Foreign ________ is the lifeblood of ____________ trade
tariffs - quotas - licensing - health certification - voluntary quotas
exports
endangered - boom - water - land
exchange - international
3. Group of 10 Southeast Asian nations working to promote regional cooperation - economic growth - & trade
council - thinking - decision - analysis
nations - rate - currencies
ASEAN
exchange - currencies
4. Most favored ______ clause is important b/c it gives them the same tariff reductions the U.S. provides other _______
nation - nations
billion - 1
free traders
taxes - permits - incentive - pollute
5. Legislation is passed on a continuing basis as it continues to ____ & demand immediate _________
grow - attention
biomass
council - thinking - decision - analysis
IMF - Bank - agencies - development
6. State in which a society produces barely enough to support itself
endangered - boom - water - land
subsistence
foreign exchange
nations - rate - currencies
7. Absolute _________ means that a country can produce more of a ____ than another country can
free trade area
restrict - markets - globe
trade - advantage
advantage - good
8. The primary concern w/ these nations is the ____________ needs - not just the _________
humanitarian - political
credits - certificates - ton - atmosphere
nation - nations
national defense - infant industries - protecting domestic jobs- keeping money at home
9. Selling products outside of the country for less than it costs to produce them at home
dumping
grow - attention
national defense - infant industries - protecting domestic jobs- keeping money at home
free trade area
10. More than ___ years ago - it was predicted by _______ _______ the problems that would be associated w/ developing _______ : high ______ rates - _____ - threat of a subsistence ________ of ______
200 - Thomas Malthus - nations - birth - famine - standard - living
NAFTA
floating - flexible - supply - demand - currency
ASEAN
11. The ____ was established in 1947 & evolved into the World _____ Organization which now tries to open nations up to _____ & settle ________
World Trade Organization
GATT - Trade - trade - disputes
European Union
national defense - infant industries - protecting domestic jobs- keeping money at home
12. Some smaller ______ use a fixed ____ that ties their value to that of other major _________
nations - rate - currencies
biomass
capitalism - goals
imports
13. Situation occurring when the value of a nation's exports exceeds the value of its imports
trade surplus
embargo
exchange - international
modified free enterprise economy
14. Other resources that are becoming more __________ due to the population ____ are _____ & ____
endangered - boom - water - land
economists - pollution - incentives
restrict - markets - globe
NAFTA
15. System under which the value of currencies were fixed in relation to one another
free traders
fixed exchange rate
embargo
expropriation
16. System that relies on supply & demand to determine the value of one currency in terms of another
flexible exchange rate
tariffs - Depression - world - free
nations - produce - trade - output
protectionists
17. Agreement signed in 1993 to reduce tariffs b/w the U.S. - Canada - & Mexico
200 - Thomas Malthus - nations - birth - famine - standard - living
advantage - good
NAFTA
foreign exchange
18. ___________ argue _________ can't be controlled until economic __________ to pollute are removed
technology
economists - pollution - incentives
resources: - oil - natural - coal
fixed exchange rate
19. Individual who favors fewer or even no trade restrictions
endangered - boom - water - land
free traders
gasohol
economics - society - capitalism - system
20. High _______ were one of the primary causes associated w/ the Great __________ - yet the _____ has moved toward ____ trade ever since the
taxes - permits - incentive - pollute
tariffs - Depression - world - free
traders - arguments - consumer
exchange - currencies
21. _________ is an expanding problem that ___________ seek to find answer to
trade - advantage
problems - scale
modified free enterprise economy
population - governments
22. [FIB] barriers to international trade:
exchange - international
tariffs - quotas - licensing - health certification - voluntary quotas
free trade area
World Trade Organization
23. Programs including pollution _____ & pollution _______ are designed to give firms the ________ not to ________
embargo
taxes - permits - incentive - pollute
exports
hydroelectric - biomass - solar - wind - gasohol
24. The value of foreign exchange is determined in foreign ________ markets where __________ are bought & sold
protectionists
exchange - currencies
trade surplus
200 - Thomas Malthus - nations - birth - famine - standard - living
25. Tax placed on an imported product
tariff
grow - attention
hydroelectric - biomass - solar - wind - gasohol
credits - certificates - ton - atmosphere
26. The ___ & the World ____ are the 2 major international ________ that help w/ ___________
World Trade Organization
embargo - 1970 - energy
200 - Thomas Malthus - nations - birth - famine - standard - living
IMF - Bank - agencies - development
27. The basis for _____ today is called comparative _________
traders - arguments - consumer
problems - scale
subsistence
trade - advantage
28. [FIB] Most widely used non renewable _________ of today: ___ - _______ gas - ____
trade deficit
resources: - oil - natural - coal
embargo
biomass
29. Deprived nations face the same ________ large nations encounter - just on a greater _____
problems - scale
subsistence
credits - certificates - ton - atmosphere
nations - produce - trade - output
30. [FIB] Protectionists support trade barriers on the basis of:
council - thinking - decision - analysis
problems - scale
subsistence
national defense - infant industries - protecting domestic jobs- keeping money at home
31. Modern _________ is suited to meet the economic _____ of the people
imports
subsistence
trade - advantage
capitalism - goals
32. Foreign currencies used by countries to conduct international trade
economists - pollution - incentives
hydroelectric - biomass - solar - wind - gasohol
foreign exchange
exchange - currencies
33. True flexibility ________ enable the modern modified ____ enterprise economy to better deal w/ the unforeseen events of the _______
advantage - good
tariffs - quotas - licensing - health certification - voluntary quotas
ASEAN
markets - free - future
34. Prohibition on the export or import of a product
embargo
traders - arguments - consumer
population - governments
biomass
35. Free _______ believe that all of the protectionists _________ are flawed - due to the restriction that it places on the ________
restrict - markets - globe
NAFTA
tariff
traders - arguments - consumer
36. Resource created from living & nonliving materials
hydroelectric - biomass - solar - wind - gasohol
exchange - international
biomass
council - thinking - decision - analysis
37. Successor of the European community established in 1993 by the Maastricht Treaty
grow - attention
protectionists
exports
European Union
38. [FIB] U.S. sources of energy: ______________ power - _______ - ______ power - ____ power - _______
ASEAN
nation - nations
technology
hydroelectric - biomass - solar - wind - gasohol
39. Government confiscation of private or foreign owned goods w/o compensation
nations - rate - currencies
NAFTA - U.S. - Canada - Mexico
expropriation
embargo
40. Trade law allowing a third country to enjoy the same tariff reductions the U.S. negotiates w/ another country
resources: - oil - natural - coal
advantage - good
most favored nation clause
NAFTA - U.S. - Canada - Mexico
41. 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
tariffs - Depression - world - free
exchange - international
nations - produce - trade - output
trade - advantage
42. The national _______ for economic ________ has recommended a 5 point approach to _______ making & the final step is cost benefit ________
council - thinking - decision - analysis
markets - free - future
imports
200 - Thomas Malthus - nations - birth - famine - standard - living
43. Group of countries that have agreed to reduce trade barriers among themselves - but lack a common tariff barrier for nonmembers
free trade area
biomass
tariffs - quotas - licensing - health certification - voluntary quotas
nations - produce - trade - output
44. Barriers have been used to _______ the flow of products to _______ across the ______
council - thinking - decision - analysis
hydroelectric - biomass - solar - wind - gasohol
dumping
restrict - markets - globe
45. A fundamental knowledge of ________ is key to understand our modern _______ b/c __________ has become the dominant economic ______ today
tariffs - Depression - world - free
200 - Thomas Malthus - nations - birth - famine - standard - living
economics - society - capitalism - system
trade surplus
46. The U.S. is extensively involved in _____________ trade
subsistence
trade surplus
embargo
international
47. Person who would protect domestic producers w/ tariffs - quotas - & other trade barriers
restrict - markets - globe
free traders
trade - advantage
protectionists
48. The goods & services that a nation produces & then sells to other nations
nations - produce - trade - output
economists - pollution - incentives
gasohol
exports
49. Free enterprise system w/ some government involvement
modified free enterprise economy
trade deficit
tariffs - Depression - world - free
foreign exchange
50. Malthus didn't take into account the advancement of _________ that would effect all of the factors
NAFTA
GATT - Trade - trade - disputes
most favored nation clause
technology