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International Trade

Authored by Huyen Minh

Specialty

University

Used 2+ times

International Trade
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is international trade?

Trade within a country

Exchange of goods and services between countries

Buying only domestic goods

Selling only services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Exporting means:

Bringing goods into a country

Sending goods abroad

Banning foreign goods

Producing goods only for local use

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A trade deficit occurs when:

Exports > Imports

Imports > Exports

Exports = Imports

No imports occur

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mercantilism promotes:

Importing goods

Exporting goods

Open free trade

No trade

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Neo-mercantilism encourages:

Increased imports

Government encouragement of exports

No government intervention

Free movement of goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The theory of absolute advantage says:

Produce all types of goods

Produce goods one is best at

Specialize in goods with lowest cost

Avoid specialization

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Comparative advantage means:

Produce goods that are most expensive

Produce goods with lowest opportunity cost

Import everything

Produce only domestic goods

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