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International Trade in Microeconomics Chapter Exam

Exam Instructions:

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 back to them later with the yellow "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. Good luck!

Page 1

Question 1 1. Why would you want your country to be assigned the Most Favored Nation status?

Question 2 2. A small country feels that its rights in international trade are being broken by a larger and more influential country. Which international organization can help mediate the dispute?

Question 3 3. Which of the following was NOT a reason for the creation of NAFTA?

Question 4 4. Identify the entity that has NOT significantly benefited by GATT:

Question 5 5. What is the exchange of goods between national borders?

Page 2

Question 6 6. Which of the following could be a consequence of a price ceiling?

Question 7 7. A price floor is the _____ price that can be charged; a price ceiling is the _____ price.

Question 8 8. Which of the following is a consequence of a price floor?

Question 9 9. Which of the following is a possible consequence of setting a price ceiling on an industry?

Question 10 10. How could price control in Australia impact trade?

Page 3

Question 11 11. Define protectionism.

Question 12 12. How can a government best establish trade barriers?

Question 13 13. How do trade barriers affect supply and price of a good?

Question 14 14. Identify the scenario where there is NO embargo.

Question 15 15. _____ is an amount of money paid directly to domestic producers to make them more competitive with foreign imports.

Page 4

Question 16 16. When the United States and Canada can import and export products across its border with no restrictions, it is called _____.

Question 17 17. When a nation with low labor costs and few government restrictions on business enacts open trade agreements, which of these will likely happen?

Question 18 18. Which of the following is NOT a way for a country to be successful at international trade?

Question 19 19. Why would a country wish to pursue open trade policies?

Question 20 20. Colombia produces the best and lowest cost coffee in the world. This gives Colombia a _____ over other nations.

International Trade in Microeconomics Chapter Exam Instructions

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 back to them later with the yellow "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. Good luck!

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