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BML Final Set 3
Test Description: BML Final Exam Set 3
Instructions: Answer all questions to get your test result.
1) The World Bank was created
A
in 1946 to promote economic cooperation and regulate exchange rates
B
in 1995 to reduce international trade barriers
C
in 1944 to provide loans for rebuilding after WWII.
D
in 1995 to settle trade disputes and promote free trade.
2) Making, buying and selling goods and services within one country is called
A
importing.
B
international business.
C
world trade.
D
domestic business.
3) Foreign trade is compatible with all of these EXCEPT
A
domestic production of similar products.
B
less expensive products.
C
more variety of products.
D
trade embargoes.
4) A quota is
A
a limit placed by the government on the quantity of a product that may be imported or exported during a given period.
B
a statement that is credited to someone else.
C
a tax placed on goods being imported from other countries.
D
a ban on trade with another country or in a certain item.
5) A tariff is
A
a tax placed on goods being imported from other countries.
B
a ban on trade with another country or in a certain item.
C
a limit placed by the government on the quantity of a product that may be imported or exported during a given period.
D
a law enforcement officer covered in a sticky black substance.
6) An embargo is
A
a limit placed by the government on the quantity of a product that may be imported or exported during a given period.
B
what an alcoholic does to have a good time.
C
a tax placed on goods being imported from other countries.
D
a ban on trade with another country or in a certain item.
7) When a country has a positive balance of payments,
A
it exports more goods and services than it imports.
B
it imports more goods and services than it exports.
C
the value of its currency is stable or increasing.
D
the value of its currency is unstable or decreasing.
8) The difference between the amount of currency coming into a country and the amount going out is called
A
balance of payments.
B
trade deficit
C
balance of trade.
D
exchange rate.
9) Licensing
A
requires a low financial investment and has a low potential financial return.
B
is one of the riskiest ways to expand business into another country.
C
requires you to be physically present in another country.
D
requires a high financial investment and has a high potential financial return.
10) Sales taxes are paid to
A
state or local governments.
B
the United Nations.
C
the federal government.
D
the World Trade Organization.
*select an answer for all questions
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