International Trade Quiz

International Trade Quiz

12th Grade

90 Qs

quiz-placeholder

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International Trade Quiz

International Trade Quiz

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

Ian Wood

Used 1+ times

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90 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the resource-based view, why do nations trade?

Because they have similar exports

Because they want to impose tariffs

Because some firms in one nation generate valuable, unique, and hard-to-imitate exports

Because all nations have the same resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the institution-based view suggest about international trade?

It is based solely on the economic conditions of a country

It is determined by the comparative advantage of nations

It is governed by laws and regulations aiming to share gains from trade

It is a historical concept no longer relevant

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a trade deficit?

A condition where a nation exports more than it imports

A condition where a nation imports more than it exports

The total value of a nation's exports

The total value of a nation's imports

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a classical theory of international trade?

Mercantilism

Absolute advantage

Comparative advantage

Product life cycle

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one is a modern theory of international trade?

Mercantilism

Absolute advantage

Strategic trade

Comparative advantage

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is absolute advantage according to the key terms provided?

The relative advantage one nation enjoys over another.

The economic advantage one nation enjoys that is absolutely superior to other nations.

A benefit that accrues to firms that enter the market first.

The extent to which different countries possess various factors of production.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the major theories of international trade advanced before the 20th century?

Mercantilism

Absolute advantage

Comparative advantage

Diamond theory

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