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Foreign Trade Deals.d

Foreign Trade Deals.d

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80 вопросов Вариант 1 Доступ 7 дней
Содержание теста

Вопросы и варианты

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Вопрос 1

International Trade on Economic Growth were first pointed out by

  1. Smith
  2. Marshall
  3. Ramsey
  4. none of these
Вопрос 2

Marginalism led to a new theory which was called

  1. New Classical
  2. Modern theory
  3. Classical theory
  4. Ricardian theory
Вопрос 3

The year of birth of the modern neoclassical theory of Economic Growth is

  1. 1959
  2. 1955
  3. 1956
  4. 1920
Вопрос 4

The endogenous economic growth models was devised by

  1. Smith
  2. Romer and Lucas
  3. Englander and Gurney
  4. Adam Smith
Вопрос 5

Competitive advantage and comparative advantage will differ for China if

  1. True production costs are inaccurately measured due to production externalities such as pollution.
  2. None of the above. Competitive advantage and comparative advantage are always the same.
  3. The Chinese currency (the Renimbi) is overvalued.
  4. Both A and B.
Вопрос 6

When a country trades according to principles of comparative advantage.

  1. Some workers will be hurt due to dislocation. Their loses are so large that it is impossible to offset these losses through the sharing of the gains from trade.
  2. All workers will lose due to foreign competition.
  3. All workers will gain.
  4. Some workers will be hurt due to dislocation, though their losses could be offset if the gains from trade were shared.
Вопрос 7

Which of the following is NOT an argument to support free trade?

  1. Free trade limits the influence of special-interest groups.
  2. Free trade allows firms to exploit economies of scale.
  3. Free trade is always welfare-improving because those who gain can compensate those who lose.
  4. Free trade leads to efficient allocation of resources.
Вопрос 8

The Dispute Settlement Body is comprised of how many representative/s from each member country?

  1. 2
  2. 5
  3. 1
  4. 3
Вопрос 9

A request or appeal sends the issue to an appellate board comprised of three judges drawn from a set of seven, each of whom has a _______ year term.

  1. 7
  2. 3
  3. 2
  4. 4
Вопрос 10

Advantageous trade can occur between countries if the countries ________ in their technological abilities to produce goods and services.

  1. match
  2. differ
  3. compete
  4. trade
Вопрос 11

The theory of comparative advantage assumes two countries producing two goods using ________as the only factor of production

  1. capital
  2. land
  3. labor
  4. entrepreneurship
Вопрос 12

In Ricardian Model it is assumed that ________ goods are produced by both countries. We assume a barter economy.

  1. a few
  2. two
  3. many
  4. identical
Вопрос 13

In David Ricardo’s original presentation of the model, he focused exclusively on the ________ side.

  1. market
  2. demand
  3. supply
  4. production
Вопрос 14

John Stuart Mill introduced _________into the model

  1. demand
  2. market
  3. production
  4. new variables
Вопрос 15

A country has an absolute advantage in the production of a good relative to another country if it can produce the good at lower cost or with ______ productivity

  1. lower
  2. less
  3. no
  4. higher
Вопрос 16

A country has a comparative advantage in the production of a good if it can produce that good at a ___________ opportunity cost relative to another country.

  1. lower
  2. higher
  3. similar
  4. greater
Вопрос 17

We assume a ________ economy. This means that no money is used to make transactions.

  1. competitive
  2. barter
  3. credit
  4. strong
Вопрос 18

___________cost is defined generally as the value of the next best opportunity.

  1. Total
  2. Competitive
  3. Opportunity
  4. Marginal
Вопрос 19

Labor productivity is defined as the quantity of __________ that can be produced with a unit of labor.

  1. units
  2. goods
  3. product
  4. output
Вопрос 20

Generically, the classical economists gave us an idea of the race between the increase of the population and ____________, with an uncertain winner.

  1. economic growth
  2. foreign trade
  3. resources
  4. competition
Вопрос 21

Labor is a mobile factor that can move between sectors, these other factors are assumed to be ____________________.

  1. mobile
  2. zero
  3. behavioral management
  4. Non-existent
  5. specific
Вопрос 22

The production function tells us the quantity of cloth that can be produced given any input of capital and_________.

  1. labor
  2. land
  3. machinery
  4. entrepreneurship
  5. organization
Вопрос 23

How much labor will be employed in each sector? To answer this we need to look at supply and ___________ in the labor market.

  1. wages
  2. demand
  3. unemployment
  4. availability
  5. cost
Вопрос 24

The demand for labor in each sector depends on the price of ________ and the wage rate.

  1. market
  2. hour
  3. input
  4. output
  5. labor
Вопрос 25

In________________, the wage rate is equal to the value of labor’s marginal product.

  1. free trade
  2. disequilibrium
  3. equilibrium
  4. perfect competition
  5. marginalism
Вопрос 26

In a country that cannot trade, the output of a good must equal its___________

  1. population
  2. consumption
  3. import
  4. export
  5. production
Вопрос 27

In the absence of___________, the economy would have to produce what it consumed, and vice versa.

  1. trade
  2. production
  3. demand
  4. supply
  5. best practices
Вопрос 28

Every change in a nation’s economy, including technological progress, shifting consumer preferences, exhaustion of old resources and discovery of new ones, and so on, affects income___________.

  1. consumption
  2. generation
  3. distribution
  4. tax
  5. increase
Вопрос 29

It is always better to allow trade and compensate those who are hurt by it than to ___________ the trade

  1. increase
  2. prohibit
  3. promote
  4. maintain
  5. grow
Вопрос 30

Movement to foreign will reduce the Home labor force and thus raise the real wage in Home, while increasing the labor force and reducing the real wage in ______________

  1. both markets
  2. local market
  3. home
  4. foreign
  5. future
Вопрос 31

The surplus or deficit resulting from the sum of the balance on goods and the balance on services is known as the _____________.

  1. balance of payment
  2. balance of trade
  3. equilibrium
  4. accounting balance
  5. net amount
Вопрос 32

The ultimate result of the collection of trade figures is a net total known as __________________.

  1. balance of payment
  2. balance of trade
  3. equilibrium
  4. accounting balance
  5. net amount
Вопрос 33

The objective for trade balances objective is to achieve ____________ or sufficient surpluses to pay off a country’s debts

  1. equilibrium
  2. competitive advantage
  3. foreign direct investment
  4. risk control
  5. economic resources
Вопрос 34

A country whose balance of payments shows consistent deficits is said to be in ‘______________.

  1. crisis
  2. competition
  3. developing phase
  4. surplus
  5. disequilibrium
Вопрос 35

A country with a ____________ in its balance of payments is said to be a ‘creditor nation’.

  1. deficit
  2. loss
  3. surplus
  4. negative amount
  5. disequilibrium
Вопрос 36

If a country incurs a deficit in its balance of payments, it is said to be a ______________ because it has spent more than it has earned.

  1. esteem
  2. defaulter
  3. creditor nation
  4. debtor nation
  5. developed
Вопрос 37

Protectionism refers to government policies that ____________ international trade to help domestic industries.

  1. restrict
  2. allow
  3. promote
  4. protect
  5. develop
Вопрос 38

A tariff is a _________ or import duty on goods or services.

  1. tax
  2. fine
  3. restriction
  4. sanction
  5. term
Вопрос 39

Members agree to reduce or abolish trade barriers such as tariffs and quotas between themselves but retain their own individual tariffs and quotas against non-members. Such an area is called:

  1. grey area
  2. duty free port
  3. Free trade area
  4. private trade area
  5. industrial zone
Вопрос 40

The L/C which can be cancelled or amended by either party is called:

  1. standby L/C
  2. deferred payment
  3. irrevocable
  4. revocable
Вопрос 41

The primary function for this document is as a form of quotation and it is intended to demonstrate what the final invoice will look like should the order be placed.

  1. Order acknowledgment
  2. RFQ
  3. Pro-forma invoice
  4. Benchmarking
  5. Listing
Вопрос 42

The seller is responsible for the goods until they ‘have passed the ship’s rail at the named port of shipment’.

  1. Ex-works
  2. Factory Price
  3. Cost Price
  4. CNF
  5. FOB
Вопрос 43

A liners are the _____________ of the shipping world

  1. trucks
  2. trains
  3. ships
  4. vans
  5. busses
Вопрос 44

______________ operations are an area of rapid development, specializing in relatively small consignments, up to 40 Kilos, and use large networks of vehicles and aircraft to guarantee deliveries within specified time limits.

  1. Traditional
  2. Rail
  3. Express
  4. Cargo
  5. Massive transport
Вопрос 45

The traditional use of air for high value, _____________, cargoes will always exist but there is now a clear trend towards the increased use of air transport for many other cargoes.

  1. low volume
  2. high volume
  3. sized
  4. heavy
  5. large
Вопрос 46

The _______is the most widely used type of outer packing.

  1. drums
  2. sacks
  3. bale
  4. pallet
  5. carton
Вопрос 47

_______ are used regularly in certain trades where goods can be compressed.

  1. Cartons
  2. Bales
  3. Drums
  4. Crates
  5. Pallets
Вопрос 48

Most important four categories of papers used in international trade are: transport, insurance, custom and __________________.

  1. drafts
  2. payments
  3. forms
  4. bills
Вопрос 49

The seller must deliver the goods alongside the vessel nominated by the buyer at the named port of shipment.

  1. Free Alongside Ship (FAS)
  2. Cost & Freight (CFR)
  3. Delivered Ex Quay (DEQ)
  4. Delivered Ex Ship (DES)
Вопрос 50

The seller arranges, and pays for, the carriage to the named port of destination and must ‘place the goods at the disposal of the buyer on board the vessel at the unloading point’.

  1. Free Alongside Ship (FAS)
  2. Cost & Freight (CFR)
  3. Delivered Ex Quay (DEQ)
  4. Delivered Ex Ship (DES)
Вопрос 51

All important strategic decisions which successful companies make can be categorized into the four elements of: Price, Place, Product and______________.

  1. Procurement
  2. Production
  3. Promotion
  4. Planning
Вопрос 52

A selective and controlled market ___________ policy will decrease the company’s dependence on, for example, its home market.

  1. contraction
  2. expansion
  3. research
  4. Scenario
Вопрос 53

The two basic reasons for market research, that is market selection and ____________________

  1. market planning
  2. market expansion
  3. market knowledge
  4. market penetration
Вопрос 54

Ps of marketing are also called:

  1. Marketing plan
  2. Data analysis
  3. Marketing mix
  4. Power of marketing
Вопрос 55

Data coming from Trade Associations, Banks, Market Research etis also called

  1. External or secondary
  2. Internal or primary
  3. Government data
  4. Market data
Вопрос 56

All exporters must accept the fact that most successful products are ___________for sale in overseas markets.

  1. designed
  2. modified
  3. marketed
  4. promoted
Вопрос 57

__________ as an element of the marketing mix, may be designed to do more than just maximize profit.

  1. Promotion
  2. Product
  3. Price
  4. Place
Вопрос 58

It is often necessary to create a ______________theme to generate wide spread use.

  1. newsworthy
  2. sensational
  3. novel
  4. historic
Вопрос 59

Successful face to face selling in overseas markets requires a clear perception of the needs of the_______________

  1. Business community
  2. Government authorities
  3. Political system
  4. customer
Вопрос 60

_________________ Includes a wide variety of activities, other than advertising, publicity and personal selling.

  1. Lead generation
  2. Sales promotion
  3. Campaigning
  4. Contract selling
Вопрос 61

________________ is the term that reflects the interaction between the economic system and the political system.

  1. Bridging
  2. Establishment
  3. Political Economy
  4. Benchmarking
Вопрос 62

In a representative _______, government officials are entrusted to take actions that are in the interests of their constituents.

  1. bureaucracy
  2. democracy
  3. autocracy
  4. economy
Вопрос 63

________________occurs when a person uses his leisure time to petition or inform government officials of his point of view.

  1. Casual lobbying
  2. Professional lobbying
  3. Pressure Group
  4. Political engineering
Вопрос 64

Professional lobbying occurs when an individual or company is hired by someone to advocate a point of view before the _______________.

  1. industry
  2. business community
  3. government
  4. others
Вопрос 65

In a democratic society, governments are called on to take actions that are in the interests of their ______________.

  1. constituents
  2. countries
  3. industries
  4. businesses
Вопрос 66

Improvements in production efficiency mean that countries can ____________more goods and services with the same amount of resources.

  1. consume
  2. import
  3. export
  4. produce
Вопрос 67

In the presence of market imperfections or distortions, selected protection can often raise a country’s national ___________.

  1. income
  2. welfare
  3. esteem
  4. exports
Вопрос 68

The theory shows that when private markets have market imperfections or distortions present, it is possible to add another distortion, such as a trade policy, and improve economic efficiency both domestically and worldwide.

  1. Ricardian theory
  2. The theory of the second best
  3. Free trade theory
  4. Economic theory
Вопрос 69

In democratic societies, government representatives and officials are meant to carry out the wishes of the _____________.

  1. politicians
  2. government officials
  3. business community
  4. general public
Вопрос 70

One of the problems with using some types of selected protection arises because of the possibility of retaliation by other countries using _____________policies.

  1. similar
  2. controversial
  3. different
  4. varying
Вопрос 71

Any situation that deviates from the explicit or implicit assumptions of perfect competition leads to market__________________.

  1. leadership
  2. competition
  3. perfection
  4. imperfection
Вопрос 72

A ___________ consists of two firms operating in a market.

  1. dualistic economy
  2. Cooperative market
  3. monopoly
  4. duopoly
Вопрос 73

Large importing countries and large exporting countries have a market ______________ present.

  1. perfection
  2. imperfection
  3. leadership
  4. competition
Вопрос 74

____________ production externalities occur when production has a beneficial effect in other markets in the economy.

  1. Neutral
  2. Negative
  3. Positive
  4. Perfect
Вопрос 75

__________ consumption externalities occur when consumption has a beneficial effect in other markets in the economy.

  1. Neutral
  2. Positive
  3. Negative
  4. Perfect
Вопрос 76

A first-best equilibrium occurs in a perfectly competitive market when ________ imperfections or distortions are present.

  1. no
  2. all
  3. a few
  4. many
Вопрос 77

A second-best equilibrium arises whenever a market includes one or more ____________.

  1. competitors
  2. exporters
  3. perfections
  4. imperfections
Вопрос 78

With a laissez-faire policy, the resulting equilibrium would be called _____________.

  1. monopoly
  2. duopoly
  3. first best
  4. second best
Вопрос 79

An economic rationale for government ______________ in the private market arises whenever there are uncorrected market imperfections or distortions..

  1. support
  2. help
  3. intervention
  4. sanctions
Вопрос 80

Trade policies, like tariffs or export taxes, are designed to directly affect the flow of goods and services between_______________.

  1. businesses
  2. countries
  3. communities
  4. industries