This quiz works best with JavaScript enabled. Home > International > Trade > Trade Exchange And Interdependence – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Trade Exchange And Interdependence Quiz 2 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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. 2. 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. 3. Desert, Rainforest, Mountains, Bodies of Water, Landlocked Countries, and Weather are examples of what? A) Political Trade Barriers. B) Natural Trade Barriers. C) Imports. D) Exports. Show Answer Correct Answer: B) Natural Trade Barriers. 4. 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. 5. An export is: A) Items purchased from other countries. B) Dependence on others to get products you do not produce and needing to purchase items from them. C) Items sold to other countries. Goods exit the USA. D) Producing certain goods very well and for a reduced cost. Show Answer Correct Answer: C) Items sold to other countries. Goods exit the USA. 6. A tax placed on imports A) Quota. B) Duty Tax. C) Protectionism. D) Tariff. Show Answer Correct Answer: D) Tariff. 7. 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. 8. 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. 9. In the national security argument, people believe that economy should be: A) Self-sufficient. B) Rely on trade with orther countries. C) Integrative. D) Self-contained. Show Answer Correct Answer: A) Self-sufficient. 10. Anything that can prevent you from trading or slow trade down. A) Weather. B) Specialization. C) Dictators. D) Trade Barrier. Show Answer Correct Answer: D) Trade Barrier. 11. 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. 12. If $ 1=0.87£, then how much would a pair of pants that costs 72£ cost in US dollars? A) $ 105.78. B) $ 101.41. C) $ 200.54. D) $ 247.35. Show Answer Correct Answer: B) $ 101.41. 13. Which type of trade barrier involves a limit on goods brought into the country? A) Quota. B) Tariff. C) Embargo. D) Voluntary exchange. Show Answer Correct Answer: A) Quota. 14. What term describes why bad weather in Eastern Europe would affect sugar prices in the United States? A) Exchange. B) Trade. C) Interdependence. D) Specialization. Show Answer Correct Answer: C) Interdependence. 15. A good or service brought in from another country for sale. A) Import. B) Export. C) Tariff. D) None of above. Show Answer Correct Answer: A) Import. 16. What is International Trade? A) A person who purchases (buys) goods and services. B) It is the exchange of goods between two persons. C) It is the exchange of goods and services between countries. D) A person, company or country that makes goods and services for sale. Show Answer Correct Answer: C) It is the exchange of goods and services between countries. 17. To completely stop trade with another country is an example of what type of political trade barrier? A) Quota. B) Embargo. C) Tariffs. D) Tax. Show Answer Correct Answer: B) Embargo. 18. What does Saudi Arabia specialize in trading? A) Apparel. B) Diamonds. C) Oil. D) Agriculture and Produce. Show Answer Correct Answer: C) Oil. 19. All of the following are traits which are common in entrepreneurs except: A) Innovative. B) Creative. C) Good leader. D) Zionist. Show Answer Correct Answer: D) Zionist. 20. Tariffs, quotas, and embargoes are all examples of A) Trade barriers. B) Specialization. C) Currency exchange. D) Economic systems. Show Answer Correct Answer: A) Trade barriers. ← PreviousNext →Related QuizzesInternational QuizzesTrade Exchange And Interdependence Quiz 1Trade 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 8Trade Exchange And Interdependence Quiz 9Trade Exchange And Interdependence Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books