This quiz works best with JavaScript enabled. Home > International > Trade > Trade Exchange And Interdependence – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Trade Exchange And Interdependence Quiz 4 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. To transition to a mixed-market economy, countries need to:* ..... state-owned businesses. * open trade with other countries. * establish a fair-labor market. A) Privatize. B) Crush. C) Control. D) Establish. Show Answer Correct Answer: A) Privatize. 2. The conditions on the trip to the new world were ..... A) Great. B) Good. C) Horrible. D) Mines. Show Answer Correct Answer: C) Horrible. 3. Which of the following industry will be classified under sunrise industry prior to 1991? A) Food processing industry. B) Electronic industry. C) Both (a) and (b). D) None of these. Show Answer Correct Answer: B) Electronic industry. 4. Which countries participated in the Triangular Trade? A) North America, South America, and Africa. B) Europe, North America, and Africa. C) Europe, South America, and North America. D) Europe, Africa, Australia. Show Answer Correct Answer: B) Europe, North America, and Africa. 5. International trade makes sense when it is based on ..... A) Comparative advantage. B) Exchange rates. C) High gold value. D) Excess production. Show Answer Correct Answer: A) Comparative advantage. 6. In 1962, the United States prohibited all imports and exports to and from Cuba. This is an example of a/an: A) Tariff. B) Embargo. C) Quota. D) Veto. Show Answer Correct Answer: B) Embargo. 7. Which of the following is most likely to cause an increase in the international value of the dollar? A) Higher U.S. interest rates. B) Lower U.S. government spending. C) Higher real interest rates abroad. D) Expansionary monetary policy in the U.S. Show Answer Correct Answer: A) Higher U.S. interest rates. 8. When a nation imports more than they export, that nation has a A) Free trade agreement. B) Trade surplus. C) Trade deficit. D) Trade free economic system. Show Answer Correct Answer: C) Trade deficit. 9. When the U.S. dollar buys more Japanese yen, the U.S. dollar has:I become more valuable in terms of the yen II. appreciated III. depreciated A) I only. B) II only. C) III only. D) I and II only. Show Answer Correct Answer: C) III only. 10. Trade in which both partners freely agree to and benefit from the exchange of goods/services. A) Voluntary Trade. B) Specialization. C) Currency Exchange. D) Trade Barrier. Show Answer Correct Answer: A) Voluntary Trade. 11. A tax on imported goods. A) Import. B) Export. C) Tariff. D) None of above. Show Answer Correct Answer: C) Tariff. 12. African slaves were used to work on the ..... and in the ..... A) Plantations, mines. B) Mines, plantations. C) Store, home. D) Mortality, horrible. Show Answer Correct Answer: A) Plantations, mines. 13. Which of the following statements best describes trade between two nations? A) It is mutually beneficial. B) It is legally required. C) It avoids specialization. D) It involves low cost for both nations. Show Answer Correct Answer: A) It is mutually beneficial. 14. The ability to produce a good or service more efficiently than another country can produce the same good or service A) Dependent. B) Absolute advantage. C) Comparative advantage. D) Specialization. Show Answer Correct Answer: B) Absolute advantage. 15. What were some of the things that Europeans brought over to the Americas? A) Butterflies and rainbows. B) Diseases, animals, plants, and crops. C) Boats, sails, and wood. D) Philosophical texts, philosophers, and Humanism. Show Answer Correct Answer: B) Diseases, animals, plants, and crops. 16. Because countries have different ....., international trade requires a system for exchanging currencies between nations A) Forms of leadership. B) Types of climates. C) Systems of currency. D) Methods of transportation. Show Answer Correct Answer: C) Systems of currency. 17. What did the captains do to show proof of purchase? A) Cut off the slaves' ear. B) Branded them. C) Cut off their foot. D) Tied them up in chains. Show Answer Correct Answer: A) Cut off the slaves' ear. 18. What is the currency of Russia? A) Euro. B) Ruble. C) Dollar. D) Pound. Show Answer Correct Answer: B) Ruble. 19. An increase in U.S. imports will result in which of the following in foreign exchange markets? A) Increased foreign demand for U.S. dollars. B) Decreased supply of U.S. dollars. C) Increased U.S. demand for foreign currency. D) A decrease in the value of foreign currency. Show Answer Correct Answer: C) Increased U.S. demand for foreign currency. 20. Countries usually impose restrictions on free foreign trade to ..... A) Protect Foreign Producers. B) Protect Foreign Consumers. C) Protect Domestic Producers. D) Protect Domestic Consumers. Show Answer Correct Answer: C) Protect Domestic Producers. ← PreviousNext →Related QuizzesInternational QuizzesTrade Exchange And Interdependence Quiz 1Trade Exchange And Interdependence Quiz 2Trade Exchange And Interdependence Quiz 3Trade 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