International Trade-Key terms

International Trade-Key terms

Multiple Select

Trade between countries

• Internal Trade

• International trade

Multiple Select

Bilateral trade means

• Trade between 2 countries

• Trade between many countries

Multiple Select

Multilateral Trade means

• Trade with in the countries

• Trade Involve three or more countries

Open Ended

What is the difference between bilateral and mutilateral trade

Multiple Select

What are the theories of international trade

• Absolute

• factorenowment

Open Ended

Define factor endowments

Poll

countries follow dumping to

• to get rid of their surplus

• to earn profit

Multiple Select

Balance of payment will turn to -------when value of exports are greater than value of imports

• Deficit

• Surplus

Open Ended

Define infant industries

Open Ended

Define protectionism

Poll

---------an industry that a government considers to be very important for the country's economy or safety

• Infant industry

• Strategic industy

Open Ended

Identify 3 reasons for protectionism

Open Ended

Define tariff

Open Ended

Identify the traditional non-tariff methods of Protectionism

Open Ended

Identify the Modern non- tariff methods of protectionism

Poll

Subsidy will directly decrease the amount of imports

• True

• False

Multiple Select

Advalorem tariff

• value of imports

• Volume of imports

Multiple Select

Physical limit on imports

• Quota

• Embargo

Multiple Select

self-imposed by restriction by the exporting country

• Voluntary export restrain

• Product standard regulation

Multiple Select

Identify the modernNon tariff method of protectionism

• Subsidy

• Campaigning

Open Ended

How to exchange control is used to restrict international trade

Open Ended

Define specialization

Multiple Select

Decrease in the AC due to large scale production

• Economies of scale

• Diseconomies of scale

Poll

Free trade promotes friendship and cooperation

• Yes

• No