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






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






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






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






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






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






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






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






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






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






11. The basis for _____ today is called comparative _________






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






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






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






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






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






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






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






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






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






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






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






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






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






25. [FIB] barriers to international trade:






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






27. Free enterprise system w/ some government involvement






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






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






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






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






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






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






34. Individual who favors fewer or even no trade restrictions






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






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






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






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






39. Tax placed on an imported product






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






41. Prohibition on the export or import of a product






42. Foreign currencies used by countries to conduct international trade






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






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






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






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






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






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






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






50. 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