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Trade policy of individual countries-regions and methods of its analysis.d

Trade policy of individual countries-regions and methods of its analysis.d

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Вопросы и варианты

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Вопрос 1

The exchange of goods and services are known as … .

  1. Domestic Trade
  2. International Trade
  3. Trade
  4. Local Trade
Вопрос 2

Which of the following is not considered as factors of production?

  1. Land
  2. Labor
  3. Money
  4. Capital
Вопрос 3

Trade between two countries is known as … .

  1. External
  2. Internal
  3. Inter-regional
  4. Intercity
Вопрос 4

International Trade is most likely to generate short-term unemployment in:

  1. Industries in which there are neither imports nor exports
  2. Import-competing industries
  3. Industries that sell to domestic and foreign buyers.
  4. Industries that sell to only foreign buyers
Вопрос 5

Free traders maintain that an open economy is advantageous in that it provides all the following except:

  1. Increased competition for world producers
  2. A wider selection of products for consumers
  3. Relatively high wage levels for all domestic workers
  4. The utilization of the most efficient production methods
Вопрос 6

Which of the following is not a benefit of international trade?

  1. Lower domestic prices
  2. Development of more efficient methods and new products
  3. A greater range of consumption choices
  4. High wage levels for all domestic workers
Вопрос 7

Which is not an advantage of international trade:

  1. Export of surplus production
  2. Import of defense material
  3. Dependence on foreign countries
  4. Availability of cheap raw material
Вопрос 8

Emerging market’ refers to:

  1. Any developing country
  2. A fast-growing developing country
  3. Any growing consumer market
  4. China and India
Вопрос 9

In the following list of ways by which governments exert control over businesses, which one is out of place?

  1. Full ownership of a company
  2. Partial stake in a public company
  3. Privatization of a nationalized company
  4. Sovereign wealth fund
Вопрос 10

The short term fluctuations of the business cycle are divided into four phases that are:

  1. Expansion, Recession, Depression, Development
  2. Maturity, Decline, Depression, Regeneration
  3. Prosperity, Decline, Depression, Recovery
  4. Prosperity, Recession, Depression, Recovery
Вопрос 11

Trade between two countries can be useful if cost ratios of goods are … .

  1. Equal
  2. Different
  3. Undetermined
  4. Decreasing
Вопрос 12

Foreign trade creates among countries … .

  1. Conflicts
  2. Cooperation
  3. Hatred
  4. Tension
Вопрос 13

All are advantages of foreign trade except … .

  1. People get foreign exchange
  2. Cheaper goods
  3. Nations compete
  4. Optimum utilization of countries’ resources
Вопрос 14

Who among the following enunciated the concept of single factorial terms of trade?

  1. Jacob Viner
  2. G.S.Donens
  3. Taussig
  4. J.S.Mill
Вопрос 15

‘Infant industry argument’ in international trade is given in support of:

  1. Granting Protection
  2. Free trade
  3. Encouragement to export oriented small and tiny industries
  4. Cheaper Trade
Вопрос 16

Terms of trade that relate to the Real Ratio of international exchange between commodities is called:

  1. Real cost terms of trade
  2. Commodity terms of trade
  3. Income terms of trade
  4. Utility terms of trade
Вопрос 17

The main advantage in specialization results from:

  1. Economies of large-scale production
  2. The specializing country behaving as monopoly
  3. Smaller Production runs resulting in lower unit costs
  4. High wages paid to foreign workers
Вопрос 18

Net export equals … .

  1. Export * Import
  2. Export + Import
  3. Export – Import
  4. Exports of service only
Вопрос 19

A tariff … .

  1. Increase the volume of trade
  2. Reduces the volume of trade
  3. Has no effect on volume of trade
  4. Brings rapid increase in trade
Вопрос 20

Those in favour of free trade argue that:

  1. All countries benefit from the lowering of tariff barriers
  2. Domestic employment is a priority for trade policies
  3. National strategic concerns should dominate trade policies
  4. Consumers prefer locally produced goods
Вопрос 21

Terms of Trade of developing countries are generally unfavorable because … .

  1. They export primary goods
  2. They import value added goods
  3. They export few goods
  4. They export primary goods & import value added goods
Вопрос 22

Terms of Trade a country show … .

  1. Ratio of goods exported and imported
  2. Ratio of import duties
  3. Ratio of prices of exports and imports
  4. Ratio of goods produced and inflation.
Вопрос 23

Terms of trade between two countries refer to a ratio of … .

  1. Export prices to import prices
  2. Currency values
  3. Export to import
  4. Balance of trade to Balance of payments
Вопрос 24

Rich countries have deficit in their balance of payments … .

  1. Sometimes
  2. Never
  3. Alternate years
  4. Always
Вопрос 25

The first classical theory of International Trade is given by … .

  1. Keynes
  2. Adam
  3. Adam Smith
  4. Friedman
  5. Heckscher-Ohlin
Вопрос 26

In classical theory of International Trade, the exchange of goods and services takes on the basis of … System?

  1. Barter
  2. Money
  3. Labor
  4. Capital
Вопрос 27

If capital is available in large proportion and labour is less, then that economy is known as … .

  1. Capital Intensive
  2. Labor Intensive
  3. Capital & Labor Intensive
  4. Traditional economy
Вопрос 28

In Heckscher Ohlin theory, what is assumed to be same across the countries?

  1. Transportation cost
  2. Technology
  3. Labor
  4. Capital
Вопрос 29

Opportunity cost is also known as … .

  1. Next Best alternative
  2. Transformation cost
  3. Next Best alternative & Transformation cost
  4. Fixed cost
Вопрос 30

Factor proportions theory is also known as the

  1. Comparative advantage theory
  2. Laissez faire theorem
  3. Heckscher Ohlin theorem
  4. Product cycle model
Вопрос 31

Trade between two countries can be useful if cost ratios of goods are:

  1. Equal
  2. Different
  3. Undetermined
  4. Decreasing
Вопрос 32

According to Hecksher and Ohlin basic cause of international trade is:

  1. Difference in factor endowments
  2. Difference in markets
  3. Difference in political systems
  4. Difference in ideology
Вопрос 33

The theory explaining trade between two countries is called:

  1. Comparative disadvantage theory
  2. Comparative cost theory
  3. Comparative trade theory
  4. Theory of total advantage
Вопрос 34

David Ricardo presented the theory of international trade called:

  1. Theory of absolute advantage
  2. Theory of comparative advantage
  3. Theory of equal advantage
  4. Theory of total advantage
Вопрос 35

GATT was made in the year … .

  1. 1945
  2. 1947
  3. 1950
  4. 1951
Вопрос 36

The new world Trade organization WTO., which replaced the GATT came into effect from

  1. 1ST January 1991
  2. 1st January 1995
  3. 1st April 1994
  4. 1st May 1995
Вопрос 37

5 banks of BRICS nations have agreed to establish credit lines in … currencies.

  1. Legal
  2. Plastic
  3. Crypto currency
  4. National
Вопрос 38

Where was the 7th meeting of BRICS Trade Ministers held from 1 to 2 August 2017?

  1. Shanghai
  2. Beijing
  3. Tokyo
  4. Rio De Janeiro
Вопрос 39

What is the name of the SAARC satellite to be launched on May 5, 2017?

  1. South Asia Satellite
  2. South Asian Association Satellite
  3. South East Asia satellite
  4. SAARC satellite
Вопрос 40

Urbanization is generally associated with:

  1. Economic decline
  2. Infrastructure improvements
  3. Centralization of government
  4. Industrialization
Вопрос 41

Full form of SAFTA is … .

  1. South Asia Free Trade Agreement
  2. South Asia Foreign Trade Agreement
  3. South Asia Framework Trade Agreement
  4. South Asia Free & Foreign Trade Agreement
Вопрос 42

Which of the following commitments has not been made by India to WTO?

  1. eduction in tariffs
  2. Increase
  3. Increase in qualitative restrictions
  4. Trade related Intellectual Property Rights
Вопрос 43

The European Union was formally established on …..

  1. November, 1993
  2. April, 1995
  3. January, 1997
  4. May, 1996
Вопрос 44

SAARC was established in …..

  1. 1980
  2. 1985
  3. 1990
  4. 1995
Вопрос 45

NAFTA came into effect in …..

  1. 1990
  2. 1994
  3. 1998
  4. 2004
Вопрос 46

The dominant member state of OPEC is … .

  1. Iran
  2. Iraq
  3. Kuwait
  4. Saudi Arabia
Вопрос 47

According to the theory of comparative advantage, which of the following is not a reason why countries trade?

  1. Comparative advantage
  2. Costs are higher in one country than in another
  3. The productivity of labor differs across countries and industries
  4. Exports give a country a political advantage over other countries that export less
Вопрос 48

Which of the following statements would a mercantilist not agree with?

  1. Imports are desirable
  2. Trade is a zero-sum activity
  3. The purpose of trade is to amass revenues from exports
  4. A country can benefit by granting monopoly rights to individuals
Вопрос 49

If all prices in one country (country A) are higher than all prices in another country (B) when compared at the wage rates that happen to prevail in the two countries, and if the countries share the same currency, then if the nominal wage rate in country B remains fixed

  1. The nominal wage rate in country A will have to fall
  2. Unemployment must be higher in country B than in country A
  3. The real wage in country A must be higher than in country B
  4. Workers in country A must be less productive than workers in country B
Вопрос 50

According to the theory of comparative advantage, countries gain from trade because

  1. Trade makes firms behave more competitively, reducing their market power
  2. All firms can take advantage of cheap labor
  3. Output per worker in each firm increases
  4. World output can rise when each country specializes in what it does relatively best
Вопрос 51

Clyde Prestowitz, in his assigned reading, cites a study that measures various costs of US trade with China. Which of the following is not one of those costs?

  1. Unemployment compensation paid by government
  2. The income lost by workers who become unemployed
  3. Food stamps
  4. Lost tax receipts
Вопрос 52

In the Embargo Act mentioned in the Costinot and Rodriguez-Clare reading, the US banned trade with

  1. Britain and France
  2. Mexico and Canada
  3. Russia and China
  4. Germany and Austria
Вопрос 53

According to the theory of comparative advantage, a country will export a good only if

  1. It can produce it using less labor than other countries
  2. Its productivity is higher in producing the good than the productivity of other countries in producing it
  3. Its wage rate in producing the good is lower than in other countries
  4. Its cost of producing the good, relative to other goods, is at least as low as in other countries
Вопрос 54

Which of the following is a push factor which would influence a company to internationalize?

  1. Difficulty in finding skilled staff in the home country
  2. The need to be close to key resources
  3. Low-cost labour in other countries
  4. Financial incentives from governments in emerging markets
Вопрос 55

All but which one of the following is not an FDI investment?

  1. Acquisition of an existing company
  2. A joint venture with a foreign partner
  3. Exporting the company’s products to new markets
  4. A greenfield project in another country
Вопрос 56

The joint venture is a favored entry mode because:

  1. It involves partnership with another firm
  2. The local partner has knowledge of local markets
  3. The foreign partner lacks the management expertise to carry through the FDI project
  4. There is usually a good relationship between the two partner firms
Вопрос 57

Which of the following is not linked with outsourced production?

  1. Manufacturing under licence
  2. Production in a low-cost country
  3. Subcontracted manufacturing for a well-known brand
  4. Franchising
Вопрос 58

David Ricardo (1817) developed the theory of:

  1. Competitive advantage
  2. Comparative advantage
  3. Absolute advantage
  4. First-mover advantages
Вопрос 59

Porter’s diamond theory focuses on all but which one of the following?

  1. Factor conditions
  2. Location advantages
  3. Firm strategy and structure
  4. Government policies
Вопрос 60

Those in favour of free trade argue that:

  1. All countries benefit from the lowering of tariff barriers
  2. Domestic employment is a priority for trade policies
  3. National strategic concerns should dominate trade policies
  4. Consumers prefer locally produced goods
Вопрос 61

All but which one of the following are tools of government trade policy?

  1. Tariffs
  2. Non-tariff barriers
  3. Multilateral agreements
  4. Import quotas
Вопрос 62

In what ways are government subsidies protectionist?

  1. They keep out imports
  2. They help domestic producers
  3. They give domestic producers an advantage in global markets
  4. They help create employment
Вопрос 63

Which of the following is not among the GATT principles?

  1. Most favored nation
  2. Reciprocity in tariff reduction
  3. Principle of national treatment
  4. Principle of safeguarding national interests
Вопрос 64

What is the aim of the WTO’s dispute resolution process?

  1. To punish countries which trade unfairly
  2. To impose anti-dumping penalties
  3. To resolve trade disputes through impartial panels
  4. To resolve trade disputes through judicial procedure
Вопрос 65

What is the main reason for the collapse of the Doha round of multilateral negotiations?

  1. Unwillingness of the US to open markets to products from developing countries
  2. Differing perspectives of developed and developing countries
  3. Disagreement over labour and environmental standards
  4. The activities of anti-globalization protesters
Вопрос 66

Which of the following is a free trade area?

  1. Mercosur
  2. Ecowas
  3. Nafta
  4. The EU
Вопрос 67

Which countries are involved in APEC?

  1. Asian countries and Australia
  2. Asian, North American and South American countries
  3. Asian countries, North American countries and Australia
  4. Countries bordering on the Pacific
Вопрос 68

If international trade takes place as a result of comparative advantage, it will cause which of the following effects in the participating countries?

  1. Inequality among households will be reduced
  2. All individuals in each country will be better off
  3. The average well-being of people in both countries will increase
  4. Both countries will grow faster over time
Вопрос 69

Scholars at MIT recently tested the theory of comparative advantage. One problem with doing this is that

  1. The theory was never meant to apply after the 19th century
  2. One cannot observe productivity in industries that are not producing
  3. Countries keep their data on international trade secret
  4. The theory is only valid if the world really only produces two goods
Вопрос 70

Bernhofen and Brown tested the theory of comparative advantage by looking at data from 19th century Japan. This allowed them to observe which of the following data that would not normally be available?

  1. Worker productivity across sectors
  2. Wages of labor
  3. Consumer preferences for foreign and domestic goods
  4. Autarky prices
Вопрос 71

The G8 is made up of:

  1. China, USA, France, UK, Germany, Italy, Russia and Japan
  2. EU, Asean Group, NAFTA, Russia, China, Japan and Canada
  3. UK, USA, Russia, Germany, France, Italy, Canada, Japan
  4. Japan, China, Italy, France, Germany, Russia, USA, and UK
Вопрос 72

Why have bilateral agreements proliferated in recent years?

  1. Because they benefit countries more that multilateral agreements
  2. Because they can be negotiated more quickly than multilateral agreements
  3. Because they are preferred by MNEs
  4. Because countries tend to be of equal bargaining power
Вопрос 73

Why would an MNE contemplating FDI prefer an acquisition to a Greenfield investment?

  1. The Greenfield investment is a higher risk
  2. The acquisition often involves cultural tensions between the acquired company and new owner
  3. The acquisition is quicker to get up and running
  4. The company has less control over a Greenfield investment
Вопрос 74

Product divisions are preferred in many MNEs’ organizational structures because:

  1. They allow the firm to produce and market a line worldwide
  2. They adapt well to different regional needs
  3. They facilitate the building of global markets
  4. Most managers are happier focusing on a single product
Вопрос 75

"Pull" factors of migration include:

  1. Escape from natural disasters
  2. Real or imagined job opportunities
  3. Escape from political persecution
  4. Escape from religious persecution
Вопрос 76

Urbanization is generally associated with:

  1. Economic decline
  2. Infrastructure improvements
  3. Centralization of government
  4. Industrialization
Вопрос 77

Where is the fastest population growth taking place?

  1. Developed regions
  2. The least-developed countries
  3. Developing countries
  4. Asia
Вопрос 78

Which of the following best describes the nation-state?

  1. Group of people who consider themselves a nation
  2. Territory in which there is a recognized authority for law-making and law enforcement
  3. Territory which is home to a given people
  4. Group of people who choose their government
Вопрос 79

The defining feature of sovereignty is:

  1. Legitimate government
  2. The existence of a monopoly of coercive power
  3. The supreme legal authority in the state
  4. The supreme source of power in the state
Вопрос 80

Ideology as a source of legitimacy in the state is based upon:

  1. A system of beliefs that permeate the government.
  2. National culture
  3. A system of beliefs which permeate the whole of society.
  4. Centralized government