This quiz works best with JavaScript enabled. Home > International > Trade > Trade Exchange And Interdependence – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Trade Exchange And Interdependence Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In order to help Russian farmers sell more food, some people want to put a tax on the food imported from other countries. This is an example of a(n) A) Quota. B) Tariff. C) Embargo. D) Voluntary exchange. Show Answer Correct Answer: B) Tariff. 2. Those in favor of protectionist trade policies would most likely A) Believe that trade restrictions harm consumers. B) Argue in support of free trade. C) Support reducing tariffs. D) Favor less trade in order to preserve domestic jobs. Show Answer Correct Answer: D) Favor less trade in order to preserve domestic jobs. 3. What products came out of England to supply its colonies? A) Timber and Furs. B) Rum and Guns. C) Manufactured Goods. D) Slaves and Ships. Show Answer Correct Answer: C) Manufactured Goods. 4. The major Christian group (sect) spread by the Europeans was ..... A) Catholicism. B) Roman. C) Portuguese. D) Spanish. Show Answer Correct Answer: A) Catholicism. 5. What is likely to cause a rise in a country's foreign exchange rate? A) A fall in its exports of goods and services. B) A fall in its imports of goods and services. C) A fall in its inflow of income. D) A rise in its outflow of transfers. Show Answer Correct Answer: B) A fall in its imports of goods and services. 6. A strategy to save foreign exchange by encouraging domestic production of such goods which the country has been importing from rest of the world is called: A) Inward looking strategy. B) Outward looking strategy. C) Export promotion strategy. D) None of these. Show Answer Correct Answer: A) Inward looking strategy. 7. Which of the following is a benefit of a fixed exchange rate regime? A) Certainty about the value of the domestic currency. B) Commitment to inflationary policies. C) No need for foreign exchange reserves. D) Allows for unrestricted use of monetary policy. Show Answer Correct Answer: A) Certainty about the value of the domestic currency. 8. In the coming years, Vietnam is expected to grow on: A) 3.7%. B) 22.5%. C) 5.7%. D) 2.5%. Show Answer Correct Answer: C) 5.7%. 9. How many foriegn tourists visited India in 2010 A) 6.8 million. B) 7.10 million. C) 5.78 million. D) 5.5 million. Show Answer Correct Answer: C) 5.78 million. 10. What does OPEC stand for? A) Organization of Petroleum Excelling Countries. B) Oil Producing of the Equilibrium Countries. C) Organization of Petroleum Exporting Countries. D) Output Petroleum Equalizing Countries. Show Answer Correct Answer: C) Organization of Petroleum Exporting Countries. 11. Who will be hurt by a tariff on medicine coming into the US. A) US medical companies. B) US government revenue. C) Sick people in US. D) None of above. Show Answer Correct Answer: C) Sick people in US. 12. Who brought their goods and ideas with the Silk Roads? A) Merchants and adventurers. B) Historians and lawyers. C) Diplomats and missionaries. D) Jokers and fortune tellers. Show Answer Correct Answer: A) Merchants and adventurers. 13. Country A can produce more coal than Country B. An economist would say that Country A has ..... over country B. A) An export advantage. B) A comparative advantage. C) An absolute advantage. D) A production possibility advantage. Show Answer Correct Answer: C) An absolute advantage. 14. A strategy to earn foreign exchange by promoting domestic exports and making domestic industry competitive in the international market is called: A) Inward looking strategy. B) Outward looking strategy. C) Import substitution strategy. D) None of these. Show Answer Correct Answer: B) Outward looking strategy. 15. What happens when two parties willingly trade with each other? A) Both parties disappear. B) Both parties end up better than they were before. C) Neither party end up better than they were before. D) One party does very well, and the other doesn't. Show Answer Correct Answer: B) Both parties end up better than they were before. 16. The purpose of dumping is A) To gain a high market share. B) To lower the wages of the employees. C) To improve the quality of the good. D) To get rid of unwanted products for a cheap price. Show Answer Correct Answer: A) To gain a high market share. 17. Which trade route linked East Africa with India and China? A) Indian Ocean Trade. B) Silk Road. C) Columbian Exchange. D) Mediterranean Sea Complex. Show Answer Correct Answer: A) Indian Ocean Trade. 18. North American Free Trade Agreement (NAFTA) promotes the movement of goods between participating countries without restrictive: A) A imports or exports. B) B imports and trade. C) C tariffs or quotas. D) D domestic and offshore. Show Answer Correct Answer: C) C tariffs or quotas. 19. This factor of production that involves money, equipment, tools, and any items needed to produce goods and services? A) Capital goods. B) Entrepreneur. C) Land resources. D) Human resources. Show Answer Correct Answer: A) Capital goods. 20. Requiring or relying on something A) Dependent. B) Absolute advantage. C) Comparative advantage. D) Specialization. Show Answer Correct Answer: A) Dependent. ← PreviousNext →Related QuizzesInternational 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 8Trade Exchange And Interdependence Quiz 9Trade Exchange And Interdependence Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books