Free Printable International Trade and Agreements Quiz 1 (Part 1 of 2)

Worksheets

International Trade and Agreements Quiz 1 (Part 1 of 2)

Total questions: 20

Worksheet time: 8mins

Name

Class

Date

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

Forex

Trading

Investing

A classification of Human Wants that cannot be bought or satisfied using money such as peace, love, hope, etc.

Economic Wants

Non-Economic Wants

Commodities that aren’t essential and urgent but provide comfortability and satisfaction to human life.

Necessities

Comforts

Luxuries

Commodities that are expensive and gives sense of entitlement and prestige in society.

Necessities

Comforts

Luxuries

It is one of the most famous ancient trading route. This route connected China and Ancient Roman Empire.

Silk Road

Spice Route

Salt Route

____________ is the relative strength that one needs to win in a competition.

Power

Competitiveness

Advantage

(a) is the extent to which a country can generate more wealth than its competitors do in world markets.

(1) ______ is the value of goods and services made in the Philippines while (2) _______ is the value of goods and services made by Filipinos whether they are located in the country or abroad.

(1) GNP (2) GDP

(1) GDP (2) GNP

Comparative advantages can influence, but do not fully determine, a nation’s competitiveness.

true

false

10.

(a) is an enterprise producing goods or delivering services in more than one country. Example: Nike, Oracle, Pfizer

11.

Country competitiveness affects an MNE’s location selection and industry selection. For example, Nike chose China because it benefits from cheap labor and abundant resources needed for its production.

true

false

12.

Trade theory helps managers and government policymakers focus on these questions: What products should we import and export? How much should we trade? With whom should we trade?

true

false

13.

According to this trade theory, countries should export more than they import. It says that a country’s wealth is measured by its holdings of “treasure,” which usually means its gold during the 15-18th century .

(a)

14.

This attempts to run an export surplus to achieve a social or political objective.

Neomercantilism

Absolute Advantage

Comparative Advantage

15.

2 types of free trade theories

Mercantilism

Absolute Advantage

Comparative Advantage

16.

According to him/them, a country's prosperity should be determined by the living conditions of its residents, not by the amount of gold and other precious metals it possesses. He also coined the Absolute Advantage Theory.

Adam Smith

Heckscher and Ohlin

17.

The Philippines is the world's second-largest producer of _______. Hence, our country has the absolute advantage in Asia when it comes to producing this product.

Banana

Pineapple

Coconut

18.

It refers to the ability to produce goods and services at a lower opportunity cost.

Mercantilism

Absolute Advantage

Comparative Advantage

19.

The theory that explains the process a product goes through from when it is first introduced into the market until it declines or is removed from the market.

Country Similarity

Product Life Cycle

Free Trade Theory

Mercantilism

20.

In the Product Life Cycle, this is the stage wherein product sales drop significantly, and consumer behavior changes. The company's product loses more and more market share, and competition tends to cause sales to deteriorate.

Introduction Stage

Growth Stage

Maturity Stage

Decline Stage

Reset

International Trade and Agreements Quiz 1 (Part 1 of 2)

Total questions: 20

Worksheet time: 8mins

Similar Resources on Wayground