Global/International Trade

1. It is a statement that keeps track of all economic transactions done by the country with the remaining world.

• Balance of Trade

• Positive Balance

• Balance of Payment

• External Transaction

2. An exchange of internally produced good and services within a country.

• Domestic Trade

• International Trade

• Home Trade

• Wholesale Trade

3. The exchange of goods and services between countries.

• International Trade

• Imports

• Trading

• Domestic Trade

4. Balance of Trade is a statement that captures the country's ___ and _____of goods with the remaining world.

• Export and Entrepot

• Export and Import

• Import and Entrepot

• Import and Export

5. It can include the gathering of information, negotiating, and enforcing contracts.

• Terms of Trade

• Transaction Costs

• Transport Costs

• Trade Balance

6. It is the basic economic concept involving the buying and selling of goods and services.

• Market

• Trading

• Transaction

• Trade

7. Which of the following is the main achievements of Uruguay Round?

• TRIMS and TRIPS

• GATT

• VERs

• GDP

8. He says "when goods cannot cross borders, armies will."

• Frederic Bastiat

• Evenett & Fritz

• Chris Horseman

• Robert Voltman

9. A reduction in the maximum limit of one type of allowed subsidies called?

• Quotas

• Exchange Controls

• De Minimis

• Voluntary Export Restraints

10. It is largely theoretical policy under which governments impose absolutely no tariffs, taxes, or duties on imports or quotas on exports.

• Protectionism

• Mercantilism

• Voluntary Export

• Free Trade