International Economics Questions
Explore questions in the International Economics category that you can ask Spark.E!
a law that bars trade with another country.
the price that equates the quantities supplied and demanded globally.
increase productivity of a country's resources and allow that country to obtain greater total output than would otherwise be possible.
such as airplanes, machinery, chemicals) are produced efficiently in countries with relatively large amounts of capital
the ability of a country to produce a good using fewer resources than another country.
Which of the following is an example of a nontariff trade barrier? A. Compound dutiesB. Revenue tariffsC. Fees for administrative and custom entry proceduresD. Specific dutiesE. Taxes imposed by governments on goods entering at its borders
Which of the following is a defining characteristic of a balance-of-payments statement? A. It is a record of the domestic transactions between the government of a country and the private companies in that country.B. It records all financial transactions between the residents of a country and those of the rest of the world.C. It records the trade policies of the member nations of the WTO.D. It is an annual record of the profitable foreign transactions made by a particular country.E. It is a financial statement in which the credits must exceed the debits.
The _____ of the balance-of-payments statement is most likely to record all merchandise exports, imports, and services plus unilateral transfers of funds. A. current accountB. capital accountC. credit accountD. receivables accountE. reserves account
In the last few years, most of the countries of the world saw a dramatic slowdown in the growth of their economies with the exception of _____. A. the United StatesB. SpainC. ChinaD. GreeceE. France
Post-World War II, it was noticed that there was worldwide economic growth and countries once classified as less developed were reclassified as _____. A. communist countriesB. free trade economiesC. tier-II countriesD. developed countriesE. newly industrialized countries
As an outcome of the Uruguay Round of intergovernmental tariff negotiations on the General Agreement on Tariffs and Trade, the first multilateral, legally enforceable agreement covering trade and investment in the services sector was formulated. This is termed the _____. A. Trade-Related Aspects of Intellectual Property Rights (TRIPs)B. Trade-Related Investment Measures (TRIMs)C. General Agreement on Trade in Services (GATS)D. Comprehensive Economic Cooperation Agreement (CECA)E. Trade in Services and Investment Obligations Act (TSIO)
The World Bank estimates that five countries whose share of world trade is barely one-third that of the European Union will, by 2020, have a 50 percent higher share than that of the European Union. _____ is one of the countries included in this list. A. CanadaB. NigeriaC. NetherlandsD. IndonesiaE. Zimbabwe
Which of the following is a defining characteristic of a voluntary export restraint (VER)? A. International regulatory bodies set export or import limits.B. The importing country can levy heavier import tariffs to override the VERs.C. The exporting country sets the limits on the quantity it will export.D. It is a mandatory tax imposed by a government on goods entering at its borders.E. It is an absolute restriction against the importation of certain goods.
_____ is a nontariff barrier that was specifically designed to prevent foreign producers from using predatory pricing to take control of U.S. markets. A. QuotaB. EmbargoC. Blocked currencyD. Antidumping lawE. Exchange permit
The United States and other countries require some products (automobiles in particular) to contain a percentage of "local content" to gain admission to their markets. This is an example of the stringent usage of _____ to restrict trade. A. exchange permitsB. embargoesC. blocked currenciesD. standardsE. antidumping penalties
_____ is the practice whereby a foreign producer intentionally sells its products in the United States for less than the cost of production to undermine the competition and take control of the market. A. Basing point pricingB. Spot pricingC. Defensive pricingD. Counterpoint pricingE. Predatory pricing
An exchange permit can stipulate the: A. quantity of goods that can be exchanged for a particular sum of foreign currency.B. number of parties that can be involved in an exchange transaction.C. amount to be exchanged that must be deposited in a local bank for a set period.D. quality standards of the goods involved in an exchange.E. number of times one party can avail exchange permits.
Several nations, frustrated with the slow progress of the most recent round of WTO trade negotiations, are: A. negotiating bilateral trade agreements.B. forming a rival organization.C. refusing to accept all the rules and regulations imposed by the WTO.D. using legal means to sue the WTO.E. opting out of membership in the WTO.
One of the basic elements of the General Agreement on Tariffs and Trade (GATT) is that: A. member nations are exempt from import tariffs to other member nations.B. all tariffs shall be abolished among member nations at the time of membership.C. the World Court shall review all trade disputes and make final judgments.D. trade shall be conducted on a nondiscriminatory basis.E. trade in services and investments will be excluded from the purview of the GATT.
Which of the following trading partners of the United States became its number one "trade problem" at the beginning of the 21st century? A. United KingdomB. JapanC. GermanyD. CanadaE. China