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






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






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






4. Individual who favors fewer or even no trade restrictions






5. Free enterprise system w/ some government involvement






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






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






8. 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






9. The basis for _____ today is called comparative _________






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






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






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






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






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






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






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






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






18. [FIB] barriers to international trade:






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






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






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






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






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






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






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






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






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






28. Resource created from living & nonliving materials






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






30. Foreign currencies used by countries to conduct international trade






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






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






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






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






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






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






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






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






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






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






41. Mixture of 90% unleaded gasoline & 10% grain alcohol






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






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






44. Prohibition on the export or import of a product






45. Tax placed on an imported product






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






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






48. Foreign ________ is the lifeblood of ____________ trade






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






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