
International Trade
Authored by Sandeep Singh Sikerwar
Business
University
Used 15+ times

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7 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Countries usually impose restrictions on free foreign trade to...
Protect foreign producers
Protect foreign consumers
Protect domestic producers
Protect domestic consumers
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If a country allows trade and the domestic price of a good is higher than the world price:
The country will become an exporter of the good.
The country will become an importer of the good.
The country will neither import nor export.
Additional information about demand is needed to determine whether the country will export or import the good.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
When a country allows for trade and becomes an exporter of the good, which of the following would NOT be true?
The price paid by the domestic consumer of the good increases
The price received by the domestic producers of the good increases
The losses of domestic consumers exceed the gains of domestic producers
The gains of domestic producers exceed the losses of domestic consumers
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If Brazil has a comparative advantage in producing rubber, and trade in rubber is allowed:
Brazil will become an importer of rubber
Brazil will become an exporter of rubber
Brazil could become either an exporter or importer
It is impossible to determine whether Brazil will become an importer or an exporter of rubber without additional information about rubber prices
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is an argument for restricting trade?
Trade restrictions make Americans better off
Trade restrictions increase economic efficiency
Trade restrictions are necessary for economic growth
Trade restrictions are necessary for increasing purchasing power.
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A country that has a lower opportunity cost of producing a good:
Has a comparative advantage.
Can produce the good using fewer resources than another country.
Requires fewer labor hours to produce the good.
All of the answers are correct.
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If one country can produce a good with fewer resources than another country, this is called:
Specialisation.
Geographic advantage.
Comparative advantage.
Absolute advantage.
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