INTERNATIONAL TRADE

INTERNATIONAL TRADE

University

50 Qs

quiz-placeholder

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INTERNATIONAL TRADE

INTERNATIONAL TRADE

Assessment

Quiz

Business

University

Practice Problem

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Created by

Carl Alvin

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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The ability of a country to produce goods at a lower opportunity cost than another country is called

Comparative advantage

Absolute advantage

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

All of the followings are assumptions in the absolute advantage theory EXCEPT

There are only three countries in the world

Only two goods are produced

Free trade exists between these two countries

No transportation costs are involved

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Tax on imported goods is known as

Quota

Tariff

Embargo

Licensing

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Physical control to ban the imports of certain goods because of economics, social and politics is known as

Tariff

Quota

Embargo

License

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The followings are reasons for international trade EXCEPT

Encourage opportunity in local direct investment

Increase productivity

Make the market more competitive

Increased efficiency

6.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

Media Image

Based on the table provided, which one of the following statements is correct?

Japan has the absolute advantage in producing cars
Japan has the comparative advantage in producing cars
The United States has the absolute advantage in producing both cars and computers
The opportunity cost of producing a car in Japan is 1/2 a computer

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The producer that can produce the most output OR requires the least amount of inputs (resources)

Comparative Advantage

Trade Offs

Absolute Advantage

Opportunity Cost

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