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






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






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






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






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






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






7. [FIB] barriers to international trade:






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






9. Resource created from living & nonliving materials






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






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






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






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






14. Foreign ________ is the lifeblood of ____________ trade






15. Foreign currencies used by countries to conduct international trade






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






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






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






19. Prohibition on the export or import of a product






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






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






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






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






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






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






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






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






28. Individual who favors fewer or even no trade restrictions






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






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






31. 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






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






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






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






35. Tax placed on an imported product






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






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






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






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






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






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






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






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






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






45. The basis for _____ today is called comparative _________






46. Free enterprise system w/ some government involvement






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






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






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






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