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International-Pre Quiz

Total questions: 53

Worksheet time: 1hrs 3mins

Name
Class
Date
1.
The new chairman of the National Council of Economic Advisers believe that there is a great risk imposed by US trade deficits. Which of the following recommendations might the chairman make to reduce the trade deficit? 
a)
Increase the exchange value of the dollar
b)
Decrease the tariffs and quotas on foreign products
c)
Increase interest rates
d)
Devalue the dollar
2.
Which of the following is most likely to support Free Trade?
a)
Coca-Cola Corporation
b)
The United Steelworkers of America
c)
The Anti-Globalization Coalition
d)
US Electronic Producers
3.
Viktor Petrovicn is a Russian businessman who does a great deal of business in Serbia.  Currently, one Russian ruble (Currency) will buy 2.4 Serbian dinars (Currency). Viktor is attempting to decide whether to buy a new suit of cloths in Moscow (Rubles) or Belgrade (Serbia) If the exchange rate just changed to one ruble per 2.75 dinars, where should he buy the suit, and why?  
a)
In Serbia because the ruble has appreciated
b)
IN Russia because the ruble has depreciated
c)
In Serbia because the Ruble has deprciated
d)
In Russia because the ruble has appreciated
4.
To say the net exports are negative is the same as saying that
a)
There is a capital account deficit
b)
There is a budget deficit
c)
The exchange rate has depreciated
d)
There is current account deficit
5.
The united states and Canada have been experiencing a conflict over US restrictions on imported softwood lumber.  Which of the following groups should be most likely to support the US restrictions? 
a)
Canadian lumber firms
b)
US new home buyers
c)
US lumber importers
d)
US Lumber Firms
6.
Many in the US government are concerned about the depreciation of the US dollar. Such individuals would like to increase the value of the dollar.  Which of the following presents the Best argument for or against whether the value of the dollar should be increased.
a)
Yes, Boosting the value of the dollar will increase US Exports
b)
Yes, Boosting the dollar will decrease US Imports
c)
NO, Boosting the dollar will anger foreign consumers and start a trade war
d)
No, Boosting the dollar will increase US imports and decrease US exports
7.
Japan claims that the snow in Japan is different from that experienced elsewhere. Because of this, the country of Japan has produced laws which prevent skis from being imported in the country unless they meet certain specifications. Which of the following terms might describe this type of law?
a)
Tariff
b)
Quota
c)
Standard-based barrier
d)
non-trade related restriction
8.
Under which of the following circumstances might a country devalue its currency?
a)
The country is runnuing high trade surplusses
b)
The country is running high current account surplusses
c)
The country is running high budget deficits
d)
There are few barriers to entering the market
9.
Japan and South Korea make cars and TVs. The amount of each item that each country can make in one hour can be seen in the following table. Which of the strategies listed below would create a situation in which there more of both products?
                           TVs     Cars
South Korea       100      5    
Japan                  200      100
a)
South Korea makes all the TV sets, and Japan make all the cars
b)
South Korea makes all the Cars, and Japan Makes all the TV sets
c)
South Korea, Makes all TV sets, and Japan gives up fifty TV sets in favor of twenty-five cars
d)
Japan makes all of the cars, and South Korea shifts half its car production to TVs
10.
Tony is about to travel to Denmark on business. While he is there, he hopes to see some of the sites and dine at some fine restaurants. In order to know ho much money he should budget, Tony needs to know how many Danish krones his US dollars are worth. Tony needs to be aware of 
a)
The exchange rate
b)
The current embargoes
c)
International tariffs
d)
Wheter or not the US dollar currently enjoyus a comparative advantage in trade
11.
Nations that are the target of embargoes are forced to deal with which of the following?
a)
Increased scarcity
b)
Falling prices
c)
Lower Tariffs
d)
More foreign competition
12.
NAFTA BEST represents the controversy that exists over
a)
Scaracity
b)
Embargoes 
c)
Debt
d)
Trade Barriers
13.
A tariff is when a _______ is put on an imported good
a)
Tax
b)
Limit
c)
Block
14.
A block or restriction on trade with another country is called
a)
Tariff
b)
Embargo
c)
Quota
15.
A country might place a limit or __________ on another country to weaken their economy.
a)
Embargo
b)
Tariff
c)
Quota
16.
If a country produces one product at a fast pace and can do what they do best and trade for the rest, this is called what?
a)
Specialization
b)
Currency Exchange
c)
Tariff
17.
Government payments to a local supplier to reduce the supplier costs. This helps local businesses survive because it is getting direct aid from the federal government. What is this called?
a)
Balance of trade
b)
protectionism
c)
exchange rate
d)
subsidy
18.

Which One Of These Is An Argument Against Free Trade

a)

Protecting Infant Industries

b)

Protecting National Security

c)

Protecting Domestic Employment

d)

Protecting The Environment In Developing Countries

19.

Is NAFTA a trade agreement or a trade barrier?

a)

A Trade Agreement

b)

A Trade Barrier

20.

What does it mean to protect infant industries?

a)

To make sure that well established corporations get a chance in the market.

b)

To make sure that new industries get a chance to compete in the market both nationally and internationally.

c)

To make sure that the national security of the USA is protected.

d)

To make sure that the environment of the USA is protected from development in perpetuity.

21.

What does it mean to protect national security?

a)

The argument supports the use of trade barriers when a new industry is in the early stages of development.

b)

The argument of maintaining industries critical to the country’s even when the industry cannot efficiently compete at the internationally.

c)

The argument of seeking to protect workers of a country from becoming unemployed due to competition from workers in developing countries.

d)

The argument that restrictions on trade with countries that have lax environmental standards.

22.
The measure of how much one currency is worth in relation to another.
a)
change rate
b)
exchange rate
23.
When a country exports more than it imports.
a)
trade surplus
b)
trade deficit
24.
Value of all goods and services exported from a country minus the value of all goods and services imported from outside the country.
a)
free trade
b)
protectionism
c)
balance of trade
25.
A trade agreement that eleminates barriers between the United States, Canada, and Mexico.
a)
ASEAN
b)
EU
c)
NAFTA
26.
A union which promotes free movement of goods and workers across borders in Euroupean countries.
a)
ASEAN
b)
EU
c)
NAFTA
27.
An association of 12 member nations of southeast Asia to promote economic growth, free trade and economic collaboration between member nations.
a)
ASEAN
b)
EU
c)
NAFTA
28.
Increases competition, allows domestic goods to be sold all over the world, allows country to expose comparative advantage through specialization.
a)
arguments against free trade
b)
arguments for free trade
29.
Protects infant industries, hurts domestic workers, labor standards are not the same, and to protect national security.
a)
Arguments against free trade
b)
arguments for free trade
30.
Government sets regulations to ensure safety of goods.
a)
embargo
b)
standard
c)
subsidy
31.
The dollar strengthens.
a)
appreciate
b)
depreciate
32.
The dollar weakens.
a)
appreciate
b)
depreciate
33.
The dollar weakens.
a)
appreciate
b)
depreciate
34.

What is an exchange rate?

a)

The rate at which goods are exchanged between two countries

b)

The price of one nation's currency in terms of another's

c)

How many US dollars you can exchange for RMB at Travelex

d)

The price of goods in terms of a foreign currency

35.

What is the difference between a fixed rate exchange system and a floating rate system?

a)

Government sets rate vs market sets rate

b)

Doesn't exist vs does exist

c)

Never changing vs always changing

d)

Currency never appreciates vs can appreciate

36.
The North American Free Trade Agreement (NAFTA) was designed to promote free trade between the United States, ___________.
a)
Canada, and Mexico
b)
the United Kingdom, and Russia
c)
Canada, and the United Kingdom
d)
Mexico, and the islands of the Caribbean
37.

Which of the below was NOT a change made to NAFTA under Trump?

a)

Opened Canadian dairy to the USA

b)

Regulates Mexican trucks crossing the US border

c)

New Auto manufacturing regulations

d)

Restrictions on Maple Syrup trade

38.

What is the name of the new NAFTA deal?

a)

NAFTA 2

b)

USMCA

c)

Donald Trump Trade Deal

d)

USACAM

39.

Free trade means:

a)

No one has to pay for anything

b)

High Taxes on traded goods

c)

Countries can trade nuclear weapons with each other

d)

International trade left to its natural course without tariffs, quotas, or other restrictions

40.

The USMCA bans duties on eBooks, music videos and software.

a)

True

b)

False

41.
Trade between US, Mexico, and Canada has more than tripled since 1994.
a)
True
b)
False
42.

What is multinational corporations ?

a)

a company that is primarily based in more than one country

b)

a company that is primarily based in one country

c)

a company that is primarily based in some countries

43.

A multinational corporation operates in

a)

A complex business environment

b)

A simple business environment

c)

A difficult business environment

44.

________ is the trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies.

a)

Decentralization

b)

Privatization

c)

Globalization

d)

Heterogenization

45.

Which organization provides a mechanism for dispute resolution and the enforcement of trade laws?

a)

The UN

b)

The IMF

c)

The world Bank

d)

The WTO

46.

What is a multinational corporation?

a)

BUSINESS ORGANIZATIONS WHICH HAVE MANUFACTURING UNITS IN THE HOME COUNTRY (COUNTRY OF ORIGIN) AND FACTORIES OR PRODUCTION UNITS IN HOST COUNTRIES.

b)

BUSINESS ORGANIZATIONS WHICH HAVE BRANCHES ACROSS THE WORLD AND MANUFACTURE IN ONE COUNTRY.

c)

BUSINESS ORGANIZATIONS THAT SELL PRODUCTS NATIONALLY AND PRODUCE IN ANOTHER COUNTRY, A HOST COUNTRY.

47.
What would be the BEST title for the list below
-Flat Land in Southern Georgia
-Hot Summers and Cool Winters
-Many Agricultural Products Peanuts, Pecans, Vidalia Onions, and Timber
-Deep Water Ports
a)
Piedmont Region
b)
Blue Ridge Region
c)
Coastal Region
d)
Appalachian Plateau
48.
What geographic feature protects Georgia from wind and water erosion, and in what region of Georgia is that feature found
a)
The Fall Line in the Piedmont Region.
b)
The Barrier Islands in the Coastal Plain Region
c)
The Appalachian Mountains in the Blue Ridge Region
d)
The Chattahoochee River in the Ridge and Valley Region
49.
What is the MAJOR ADVANTAGE to Georgia businesses of having access to the Port of Savannah? 
a)
It has access to both deep-water ports for large cargo ships and interstate highways.
b)
It has the longest continuous dock in the eastern United States and access to Brunswick's airport.
c)
It is in close proximity to Savannah's Hartsfield-Jackson International Airport and international cargo ships.
d)
It has a ferry service available seven days a week from River Street and also has easy access to interstate highways.
50.
In what way are Georgia's deep-water ports and Hartsfield-Jackson International Airport similar
a)
The both operate at a fiscal loss each year.
b)
They are both operated by the Federal government.
c)
They are each located in the Coastal Plain Region of Georgia
d)
They each receive imported goods and they both export goods
51.

How do the transportation systems benefit Georgia? Check all that apply.

a)

They allow Georgia to participate in national and global markets.

b)

They help Georgians travel around the country with ease.

c)

They bring in billions of dollars in revenue.

d)

They provide many jobs to Georgians.

52.

Which of the following is known as the "Economic Jewel" of Georgia?

a)

Hartsfield Jackson Atlanta Airport

b)

CSX Railways

c)

Georgia Port Authority

d)

Georgia Department of Transportation

53.

How are the deepwater ports used? Check all that apply.

a)

To ship products made in Georgia all over the world

b)

To ship products made in other states all over the world

c)

To transport people from Georgia and other states all over the world

d)

To bring foreign products into the United States

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