This quiz works best with JavaScript enabled. Home > Economics > International > Trade > Trade Exchange And Interdependence – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Trade Exchange And Interdependence Quiz 1 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Horses transformed the way these Native Americans lived. Now, they could ..... A) Win the battle against the Europeans. B) Get their work done much faster. C) Travel farther in search of food and hunt their prey more easily. D) None of above. Show Answer Correct Answer: C) Travel farther in search of food and hunt their prey more easily. 2. Restrictions on the amount of a good that can be imported into a country. A) Quota. B) Tariff. C) Embargo. D) None of above. Show Answer Correct Answer: A) Quota. 3. A trade agreement between 27 countries of with the same currency and open trade between those nations. A) NAFTA. B) EU. C) WTO. D) ABC. Show Answer Correct Answer: B) EU. 4. The commodities imported to India include petroleum and petroleum product are in percentage of A) 28.7. B) 38.9. C) 28.5. D) 28.6. Show Answer Correct Answer: D) 28.6. 5. A tariff is a form of taxation on foreign products, while a quota is a/an ..... on imports from foreign countries A) Limit. B) Boost. C) Rise. D) Increase. Show Answer Correct Answer: A) Limit. 6. Constantinople is known today as? A) London. B) Baghdad. C) Istanbul. D) Alexandria. Show Answer Correct Answer: C) Istanbul. 7. Something that is assigned value and can be used to purchase goods and services in a market is known as A) Minerals. B) Goods. C) Currency. D) Services. Show Answer Correct Answer: C) Currency. 8. Any activity which slows or outright blocks the free exchange of goods and services between nations. A) Specialization. B) Currency Exchange. C) Trade Barrier. D) Voluntary Trade. Show Answer Correct Answer: C) Trade Barrier. 9. What food did people think were bad to eat? A) Pineapples. B) Squash. C) Tomatoes. D) Potatoes. Show Answer Correct Answer: C) Tomatoes. 10. An economy in which a centrally planned economic system is changing into a free market A) Developed economy. B) Transitioning economy. C) Developing economy. D) None of above. Show Answer Correct Answer: B) Transitioning economy. 11. Bombay Stock Exchange is the ..... largest stock exchange in the world. A) 10th. B) 11th. C) 12th. D) None of above. Show Answer Correct Answer: B) 11th. 12. Why might a country want to restrict trade from other countries? A) To shrink its economy. B) To encourage free trade. C) To increase spending on imports. D) To make domestic products more attractive. Show Answer Correct Answer: D) To make domestic products more attractive. 13. Where does India gets its fuel needs? A) Marine Drive. B) Stock Exchange. C) Bombay High. D) None of above. Show Answer Correct Answer: C) Bombay High. 14. What was a disease that was brought to the Americas from Europe? A) Diabetes. B) ADHD. C) Diphtheria. D) Lupus. Show Answer Correct Answer: C) Diphtheria. 15. A state of unevenness A) Compete. B) Treaty. C) Imbalance. D) Exploitation. Show Answer Correct Answer: C) Imbalance. 16. Safety, environmental, health, or other technical requirements set by a government. Imports must meet these requirements before they are allowed to come into the country. A) Standards. B) Subsidy. C) Quota. D) Tariffs. Show Answer Correct Answer: A) Standards. 17. What is an economic system, where African slaves were exchanged for raw materials, money, and finished goods? Those countries/continents involved included Ivory Coast (Africa), Europe, and the Americans. A) Feudalism. B) Triangular Trade. C) Market economics. D) Mercantalism. Show Answer Correct Answer: B) Triangular Trade. 18. To generate internal funds, an economy must A) Spend more than it makes. B) Produce more than it consumes. C) Generate more than it produces. D) Print more money. Show Answer Correct Answer: B) Produce more than it consumes. 19. What were the three reasons for European exploration? A) Game, God, Glory. B) Glory, Fame, and God. C) God, Glory, and Gold. D) Gifts, Greatness, Glory. Show Answer Correct Answer: C) God, Glory, and Gold. 20. Nostro account also known as A) Your money with us. B) My money with you. C) Our money with you. D) None of above. Show Answer Correct Answer: C) Our money with you. 21. Desert, Rainforest, Mountains, Bodies of Water, Landlocked Countries, and Weather are examples of what? A) Political Trade Barriers. B) Imports. C) Exports. D) Natural Trade Barriers. Show Answer Correct Answer: D) Natural Trade Barriers. 22. An economy that has not become fully industrialized A) Developed economy. B) Transitioning economy. C) Developing economy. D) None of above. Show Answer Correct Answer: C) Developing economy. 23. A tax placed on imports A) Tariff. B) Duty Tax. C) Protectionism. D) Quota. Show Answer Correct Answer: A) Tariff. 24. How did Europeans justify enslaving Africans? A) They claimed that Africans were biologically inferior. B) They claimed that Africans were biologically superior. C) They claimed that Africans were cannibals. D) All the above. Show Answer Correct Answer: A) They claimed that Africans were biologically inferior. 25. Why do nations trade? A) So they can specialize. B) Because they believe that the products they receive are worth more than the products they give up. C) Because they need to acquire certain raw materials. D) All are correct. Show Answer Correct Answer: D) All are correct. 26. In the national security argument, people believe that economy should be: A) Self-contained. B) Self-sufficient. C) Rely on trade with orther countries. D) Integrative. Show Answer Correct Answer: B) Self-sufficient. 27. Anything that can prevent you from trading or slow trade down. A) Dictators. B) Specialization. C) Weather. D) Trade Barrier. Show Answer Correct Answer: D) Trade Barrier. 28. Changes in exchange rates affect which of the following? A) The price of imports. B) The price of exports. C) Aggregate demand. D) All of the above. Show Answer Correct Answer: D) All of the above. 29. If $ 1=0.87£, then how much would a pair of pants that costs 72£ cost in US dollars? A) $ 101.41. B) $ 200.54. C) $ 105.78. D) $ 247.35. Show Answer Correct Answer: A) $ 101.41. 30. Which type of trade barrier involves a limit on goods brought into the country? A) Embargo. B) Quota. C) Tariff. D) Voluntary exchange. Show Answer Correct Answer: B) Quota. 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