This quiz works best with JavaScript enabled. Home > Economics > International > Trade > Trade Exchange And Interdependence – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Trade Exchange And Interdependence Quiz 14 (13 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This organization unifies petroleum prices and sets production quotas for its members in order to promote stability in the world oil market. A) OEPC. B) EOPC. C) OCPE. D) OPEC. Show Answer Correct Answer: D) OPEC. 2. Economic Growth comes from what? A) A bigger market for the country's manufactured goods and services. B) The ability to secure needed inputs for production. C) Both of the above. D) Neither of the above. Show Answer Correct Answer: C) Both of the above. 3. What does Turkey specialize in? A) Apparel. B) Food Exchange. C) Oil. D) Diamonds. Show Answer Correct Answer: A) Apparel. 4. Priests moved from Europe to North America to: A) Help build cities and gathering places. B) Run hospitals for the sick. C) Spread Christianity in the New World. D) Form governments. Show Answer Correct Answer: C) Spread Christianity in the New World. 5. Who is a producer? A) A person, company or country that makes goods and services for sale. B) A person who purchases (buys) goods and services. C) A person who enjoys having a variety of goods from which s/he buys. D) It is the exchange of goods and services between countries. Show Answer Correct Answer: A) A person, company or country that makes goods and services for sale. 6. A means of preventing a foreign product or service from freely entering a nation's territory. A) Trade surplus. B) Trade embargo. C) Trade barriers. D) None of above. Show Answer Correct Answer: C) Trade barriers. 7. The countries to which a country exports it's goods and services and the countries from which it imports refers to: A) Composition of trade. B) Direction of trade. C) Balance of trade. D) None of these. Show Answer Correct Answer: B) Direction of trade. 8. Which of the following strategies involves increasing the supply of a product so much that its prices drops severely, forcing similar products out of the market? A) Trade restrictions. B) Dumping. C) Specialization. D) Setting quotas. Show Answer Correct Answer: B) Dumping. 9. Which is systematic record ofall the economic transactions between one country and rest of the world A) Balance of trade. B) Budget. C) Balance of payments. D) Balance of transactions. Show Answer Correct Answer: C) Balance of payments. 10. The UK is leaving the European Union. This would make it harder for other countries to trade with it. What would happen the value of the British Pound? A) It would increase. B) It would decrease. C) It would remain the same. D) None of above. Show Answer Correct Answer: B) It would decrease. 11. The Black Death affected which type of cities first? A) Large capital cities. B) Smaller inland cities. C) Cities near England. D) Cities located on the coast. Show Answer Correct Answer: D) Cities located on the coast. 12. What reduces self-sufficiency and increases interdependence? A) Specialization. B) Trade. C) Imports. D) Exports. Show Answer Correct Answer: A) Specialization. 13. If I am better at all types of production, I have the ..... in all forms of production. A) Specialization. B) Absolute advantage. C) Developed nation. D) Comparative advantage. Show Answer Correct Answer: B) Absolute advantage. ← PreviousRelated QuizzesInternational QuizzesEconomics QuizzesTrade Exchange And Interdependence Quiz 1Trade Exchange And Interdependence Quiz 2Trade Exchange And Interdependence Quiz 3Trade Exchange And Interdependence Quiz 4Trade Exchange And Interdependence Quiz 5Trade Exchange And Interdependence Quiz 6Trade Exchange And Interdependence Quiz 7Trade Exchange And Interdependence Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books