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Question-1
Which of the following treaties paved the way for an effective worldwide tariff agreement?
(A)
WTO
(B)
GATT
(C)
NAFTA
(D)
NATO
Question-2
According to information presented in the text, which of the following events marred the first half of the 20
th
century to such an extent that it took most of the last half of the century for most of the industrialized world to recover?
(A)
The nuclear arms race
(B)
World War I
(C)
World War II
(D)
The Great Depression
Question-3
Within the balance-of-payments statement, the ___________ account is a record of all exports and imports of gold, increases or decreases in foreign exchange, and increases or decreases in liabilities to foreign central banks.
(A)
Current
(B)
Capital
(C)
Reserves
(D)
Wealth
Question-4
Different ____________ are a major source of trade difficulties between the United States and Japan. For example, the size of knotholes in plywood shipped to Japan can determine whether or not the shipment is accepted. This becomes an issue of perceived quality.
(A)
Valuation systems
(B)
Export systems
(C)
Standards
(D)
Measurements
Question-5
One of the weapons used by the United States against global terrorism is a monetary barrier called ______________ where the U.S. refuses to allow importers to exchange its national currency for the seller's currency.
(A)
Differential exchange rate
(B)
Export restraint
(C)
Valuation systems
(D)
Blocked currency
Question-6
If a nation uses tariffs, quotas, and nontariff barriers to restrict trade so that domestic industries can flourish, it may be guilty of what is called:
(A)
Embargoes.
(B)
Boycotts.
(C)
Protectionism.
(D)
Monopolistic thinking.
Question-7
A Taiwanese chip manufacturer is intentionally selling its chips in the United States for less than the cost of production. It is doing this to undermine the U.S. competition and to take control of the U.S. chip market. Such a company would be correctly accused of __________ pricing.
(A)
Demand-based
(B)
Supply-based
(C)
Monopolistic
(D)
Predatory
Question-8
If a government wants to tax goods entering at its borders, it will impose what is called a(n):
(A)
Quota.
(B)
Voluntary export restraint.
(C)
Orderly market agreement.
(D)
Tariff.
Question-9
If a country sells more to other countries than it buys from them, the situation is called a favorable:
(A)
Balance of trade.
(B)
Economic model.
(C)
Management structure.
(D)
Tariff management scheme.
Question-10
If the United States were to place an absolute restriction against the purchase and importation of Cuban sugar as a punishment for past actions against U.S. businesses in Cuba, the United States would have imposed which of the following against Libya?
(A)
Embargo
(B)
Boycott
(C)
Standard restriction
(D)
Import quota
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