Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come
to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will
Click it to see your results. Good luck!
Question 11.What is defined as the economic mixing and interdependence of economies across the world through an escalation of cross-cultural movement of goods, services, technologies and wealth?
Question 22.Why is the Customs Border Patrol relevant to a company that wants to export to the U.S.?
Question 33.What international organization oversees the rules of trade between nations?
Question 44.Kait can make 8 TV shows and 1 movie, but Jess can make 6 TV shows and 2 movies. Who should make movies, and why?
Assume the following exchange rates:
1 Dollar = 102 Japanese Yen
1 Dollar = 0.6 British Pound
1 Dollar = 0.91 Swiss Franc
1 Dollar = 13 Pesos
Which of the following is the least amount of money?
Question 66.If Italy has a comparative advantage over France in the production of pasta, then _____.
Question 77.If Jim can make 8 TV shows and Sam can make 4 TV shows, who has the absolute advantage?
Question 88.What is defined as large-scale departure of companies, assets, and wealth from a country due to economic instability or the opportunity for cheaper production?
Question 99.Which of the following is an example of importing?
Question 1010.A factory in the United States is deciding whether or not to use a new facility to produce cars, or clothing. The cars will cost more than the clothing to manufacture, but will sell for significantly more as well. Which item has the lowest opportunity cost?
Question 1111.Which of the following is FALSE about economic integration?
Question 1212.What is specialization?
Question 1313.What organization is involved with the regulation of international trade between its members?
Question 1414.What is defined as the portion of a market controlled by a particular entity?
Question 1515.Why is GATT relevant for the international system?
Question 1616.What is a comparative advantage?
Question 1717.How many trading parties exist in a bilateral trade agreement?
Question 1818.All of the following are types of exchange rates that countries can use, except:
Question 1919.Which of the following organizations governs U.S. exports?
Question 2020.Which of the following is an example of exporting?
Question 2121.Why is the World Trade Organization relevant to the global economic system?
Question 2222.What is the difference between an absolute and comparative advantage?
Question 2323.Which exchange rate would most likely be used for a good or service that will be delivered at a future date?
Question 2424.What is defined as each member of the trade agreement making economic gain from the agreement?
Question 2525.Which of the following best explains why a country might specialize in the production of certain goods and/or services?
Question 2626.Which of the following statements regarding an exchange rate is not true?
Question 2727.Which of these is NOT an argument against economic globalization?
Question 2828.What is an absolute advantage?
Question 2929.How do tariffs make domestic goods more competitive?
Question 3030.What is defined as the bringing in of foreign goods into an economy?
Basics of International Economics Chapter Exam Instructions
Choose your answers to the questions and click 'Next' to see the next question. You can skip questions if you would like and come back
to them later with the "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will
appear. Click it to see your results. You will lose your work if you close or refresh this page. Good luck!