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BML Chapter 2 Set 3
Test Description: BML Chapter 2 set 3
Instructions: Answer all questions to get your test result.
1) If a country exports more than it imports, it has a
A
trade deficit
B
foreign debt
C
trade surplus
D
attention deficit
2) Informal trade barriers include
A
all of these.
B
culture, religion, language and values.
C
free-trade zones, free-trade agreements and common markets
D
quotas, tariffs and embargoes
3) Which of these tends to encourage international trade?
A
a common market
B
an embargo
C
a tariff
D
a quota
4) Without foreign trade,
A
the variety of available consumer goods would be more narrow.
B
many items would be less expensive due to reduced shipping costs.
C
some items would be unavailable or more expensive.
D
no consumer goods would be available.
5) Which of these would be included in GDP?
A
You mow your own lawn and your parents' lawn without charging them.
B
A florist purchases flowers to put in an arrangement he will sell to a customer.
C
A sugar manufacturer sells 35 tons of sugar to Kool-Aid for use in making its product.
D
Florida's state government in Tallahassee purchases 10 new trucks to patrol the border with Georgia.
6) Which of these represents an absolute advantage?
A
Greenland in tomato production.
B
Antarctica in penguin skin coats.
C
Fiji in polar bear-skin rugs.
D
Morocco in watermelon production.
7) Which of these works to reduce tariffs, quotas and other trade barriers?
A
World Bank
B
World Trade Organization
C
International Monetary Fund
D
European Union
8) Which of these loans money to poor nations and private businesses operating in poor nations?
A
World Bank
B
European Union
C
World Trade Organization
D
International Monetary Fund
9) Which of these works for a fair system of currency exchange rates?
A
International Monetary Fund
B
World Trade Organization
C
European Union
D
World Bank
10) Which of these is an example of a common market?
A
World Trade Organization
B
World Bank
C
European Union
D
International Monetary Fund
*select an answer for all questions
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