This quiz works best with JavaScript enabled. Home > International > Trade > Balance Of Trade – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Balance Of Trade Quiz 2 (14 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Germany imports $ 20 million in jeans from the U.S. How does this affect the German balance of payments? A) Credit capital. B) Debit capital. C) Credit current. D) Debit current. Show Answer Correct Answer: C) Credit current. 2. The United States sends $ 50 million in foreign aid to Haiti. A) Debit current account. B) Credit current account. C) Debit capital account. D) Credit capital account. Show Answer Correct Answer: A) Debit current account. 3. WHAT HAPPENED WITH THE COUNTRIES AFTER THE INTERNATIONAL TRADE? A) They walked away. B) They fought. C) They approached. D) None of above. Show Answer Correct Answer: C) They approached. 4. The Balance of Trade shows a deficit of Rs. 5000 crores and the value of imports are Rs. 9000 crores, what is the value of exports? A) Rs. 14000 crores. B) Rs. (-) 4000 crores. C) Rs. 4000 crores. D) Rs. 7000 crores. Show Answer Correct Answer: C) Rs. 4000 crores. 5. The difference between imports and exports A) Balance of Payments. B) Balance of Trade. C) Imbalance of Trade. D) None of above. Show Answer Correct Answer: B) Balance of Trade. 6. The country of Algonia produced and then shipped out $ 5 billion in goods and services to other nations. It brought in $ 4 billion in goods and services? What does this country have? A) A balanced budget. B) A trade deficit. C) A trade balance. D) A trade surplus. Show Answer Correct Answer: D) A trade surplus. 7. When the value of exports is greater than the value of imports, then it is known as ..... A) Trade Surplus. B) Trade Deficit. C) Trade Equilibrium. D) BOP Deficit. Show Answer Correct Answer: A) Trade Surplus. 8. Why does The Bahamas need to import products? A) The Bahamas does not import products. B) Some are easier and cheaper to make in other countries. C) The Bahamas makes all of its own products. D) None of the above. Show Answer Correct Answer: B) Some are easier and cheaper to make in other countries. 9. The situation that exists when exports exceed imports. A) Trade Deficit. B) Trade Surplus. C) Imbalance of Trade. D) None of above. Show Answer Correct Answer: B) Trade Surplus. 10. Why does the United States need to import products? A) The US does not import products. B) Some are easier and cheaper to make in other countries. C) The US makes all of its own products. D) None of above. Show Answer Correct Answer: B) Some are easier and cheaper to make in other countries. 11. Import means A) Buying goods from another country. B) Selling goods to another country. C) Only making one kind of product. D) None of above. Show Answer Correct Answer: A) Buying goods from another country. 12. CALCULATE BALANCE OF TRADE FROM THE FOLLOWING INFORMATION-A)EXPORT=70 AND IMPORT=90B)EXPORT=500 AND IMPORT=250 A) 50 AND 70. B) 20 AND 250. C) -20 AND-250. D) -20 AND 250. Show Answer Correct Answer: D) -20 AND 250. 13. Ms. Tessin of the U.S. builds a $ 5 million factory in India. How would this affect the U.S. balance of payments. A) Credit current. B) Debit current. C) Credit capital. D) Debit capital. Show Answer Correct Answer: D) Debit capital. 14. WHICH COUNTRY IS THE FIRST ONE IN THE TRADE SURPLUS IN 2019? A) China. B) Brazil. C) Germany. D) Japan. Show Answer Correct Answer: C) Germany. ← PreviousRelated QuizzesInternational QuizzesBalance Of Trade Quiz 1Barriers To Trade QuizTrade Exchange And Interdependence Quiz 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books