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

3. The exchange of goods and services between countries.

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

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

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

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

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

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

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

11. It is the 8th multilateral trade negotiations conducted within the framework of the General Agreement on Tariffs and Trades.

12. Which of the following is not types of protectionism?

13. It is conducted between different religion and geographical location of the same country .

14. A trader of one country purchases any goods and products from the trader of any country.

15. It means one Company invest in another company?

16. It is also known as invisible trade.

17. It includes the investment of available funds in foreign companies to get returns.

18. It is the exchange of goods and services between two countries.

19. It is a way to move from one place to another in order to live and work.

20. Development of ___________________ and communication sectors combined with the need to improve living conditions.

21. This approach is based on the argument that more trade makes us wealthier and is therefore a good thing. It is known as ______________.

23. It mean that migration brings a lower-cost labor force to industrialized countries while skilled labor is in short supply in the exporting countries.

23. Which of the following are weak due to the lack of human and financial resources?

24. Which of the following can tend to favor big businesses and vested interests as they have the resources to lobby most effectively?

25. Who initiated liberalization?

26. What is the purpose of liberalization?

27. It means freedom of equality before the law.

28. What is the aim of protectionism?

29. When was liberalization started?

30. These are government policies that restrict international trade to help domestic industries.

31. It is a restriction set by the government on the quantity of goods that can be exported out of a country during a specified period of time.

32. It means by which trade between countries is restricted in some way-normally through measures to reduce the number of imports coming into a country.

33. Who formulated Conventional International Trade Theory that is used to recognized countries as trading partners?

34. It tries to ensure that regulations, standards, testing and certification procedures do not create unnecessary obstacles.

35. It is government-imposed limit on the quantity or in exceptional cases the value of the goods or services that ma be exported or imported over a specified period of time.

36. Percentage of exclusion of world trade in textiles, other agricultural commodities and mining products from GATT-WTO liberalization.

37. What action that the WTO member may take to protect a specific domestic industry from an increase in imports of any product which is causing or threatening tp cause and injury to the industry?

38. It is an agreement wherein it protects the intellectual property rights.

40. The articles of the General Agreement on Tariffs and Trade (GATT) were originally agreed on _______________ and subsequently, with some revisions in _________________.

40. This outlines the concept of Most-Favored Nation (FMN) treatment and states that trade concessions granted to one member are applied immediately and without conditions to all other members.

41. What is defined as delivery of a service from the territory of one country into the territory of the other country?

42. It refers to the sale and delivery of an intangible product called service, between producer and consumer.

43. ________ are those gains which accumulates over a period of time.

44. If a ______ for a product or services is more in a country than what it can domestically produce, then it goes for import.

45. This theory emerged in the 1980s and was based on the work of economists Paul Krugman and Kevin Lancaster.

46. Swedish economist developed the country similarity theory in 1961.

47. It introduces opportunity cost as a factor for analysis in choosing between different options for production.

48. It is an economic theory that advocates government regulation of international trade to generate wealth and strengthen national power.

49. It refers to a government policy that restrict international trade to help domestic industries?

50. What was the baccalaureate obtained by your professor in this subject at UP Diliman?