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






2. [FIB] barriers to international trade:






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






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






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






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






7. Free enterprise system w/ some government involvement






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






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






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






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






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






13. Tax placed on an imported product






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






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






17. Foreign currencies used by countries to conduct international trade






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






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






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






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






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






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






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






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






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






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






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






29. 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






30. The basis for _____ today is called comparative _________






31. Foreign ________ is the lifeblood of ____________ trade






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






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






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






35. Prohibition on the export or import of a product






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






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






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






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






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






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






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






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






44. Individual who favors fewer or even no trade restrictions






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






46. Resource created from living & nonliving materials






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






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






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






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