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






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






4. The basis for _____ today is called comparative _________






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






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






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






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






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






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






11. Foreign ________ is the lifeblood of ____________ trade






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






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






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






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






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






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






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






19. Prohibition on the export or import of a product






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






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






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






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






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






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






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






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






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






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






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






31. Individual who favors fewer or even no trade restrictions






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






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






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






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






36. Resource created from living & nonliving materials






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






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






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






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






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






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






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






44. Free enterprise system w/ some government involvement






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






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






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






48. Tax placed on an imported product






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






50. Foreign currencies used by countries to conduct international trade