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






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






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






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






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






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






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






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






9. Free enterprise system w/ some government involvement






10. Foreign currencies used by countries to conduct international trade






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






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






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






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






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






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






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






18. Prohibition on the export or import of a product






19. 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






20. Tax placed on an imported product






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






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






23. Resource created from living & nonliving materials






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






25. [FIB] barriers to international trade:






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






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






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






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






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






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






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






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






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






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






36. Individual who favors fewer or even no trade restrictions






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






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






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






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






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






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






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






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






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






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






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






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






49. The basis for _____ today is called comparative _________






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