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






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






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






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






5. The basis for _____ today is called comparative _________






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






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






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






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






10. Foreign ________ is the lifeblood of ____________ trade






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






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






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






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






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






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






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






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






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






20. Prohibition on the export or import of a product






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






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






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






24. Foreign currencies used by countries to conduct international trade






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






42. [FIB] barriers to international trade:






43. Free enterprise system w/ some government involvement






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






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






46. 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






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






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






49. Tax placed on an imported product






50. Resource created from living & nonliving materials