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






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






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






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






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






6. Tax placed on an imported product






7. Free enterprise system w/ some government involvement






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






25. Foreign ________ is the lifeblood of ____________ trade






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






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






28. [FIB] barriers to international trade:






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






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






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






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






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






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






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






36. Foreign currencies used by countries to conduct international trade






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






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






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






40. Individual who favors fewer or even no trade restrictions






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






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






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






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






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






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






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






48. The basis for _____ today is called comparative _________






49. Resource created from living & nonliving materials






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