BML Chapter 2 Set 3 Question Preview (ID: 10319)


BML Chapter 2 Set 3. TEACHERS: click here for quick copy question ID numbers.

If a country exports more than it imports, it has a
a) trade deficit
b) trade surplus
c) foreign debt
d) attention deficit

Informal trade barriers include
a) free-trade zones, free-trade agreements and common markets
b) quotas, tariffs and embargoes
c) culture, religion, language and values.
d) all of these.

Which of these tends to encourage international trade?
a) an embargo
b) a tariff
c) a common market
d) a quota

Without foreign trade,
a) many items would be less expensive due to reduced shipping costs.
b) some items would be unavailable or more expensive.
c) the variety of available consumer goods would be more narrow.
d) no consumer goods would be available.

Which of these would be included in GDP?
a) A sugar manufacturer sells 35 tons of sugar to Kool-Aid for use in making its product.
b) Florida's state government in Tallahassee purchases 10 new trucks to patrol the border with Georgia.
c) You mow your own lawn and your parents' lawn without charging them.
d) A florist purchases flowers to put in an arrangement he will sell to a customer.

Which of these represents an absolute advantage?
a) Antarctica in penguin skin coats.
b) Morocco in watermelon production.
c) Greenland in tomato production.
d) Fiji in polar bear-skin rugs.

Which of these works to reduce tariffs, quotas and other trade barriers?
a) International Monetary Fund
b) European Union
c) World Bank
d) World Trade Organization

Which of these loans money to poor nations and private businesses operating in poor nations?
a) International Monetary Fund
b) European Union
c) World Bank
d) World Trade Organization

Which of these works for a fair system of currency exchange rates?
a) International Monetary Fund
b) European Union
c) World Bank
d) World Trade Organization

Which of these is an example of a common market?
a) International Monetary Fund
b) European Union
c) World Bank
d) World Trade Organization

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