Industrialization, advanced transportation, globalization, multinationals and the purchase of manufactured products in a foreign company to save costs are all having a very important impact on the ___ trading system
International
National
None of the other answers is correct
The ___ advantage theory explains part of the international trade. However, it doesn't fully explain international trade, since countries with higher costs than Morocco are able to export their products to the Arab countries
Comparative
Absolute
Relative
For centuries, under the belief in ___, most nations had high tariffs
Free trade
Mercantilism
The other answers are correct
___ were both advocates of the free trade when they were economically dominant
India and Brazil
China and Russia
The Netherlands and The United Kingdom
During recessions there is often strong internal pressure to ___ tariffs to protect domestic industries
Decrease
The other answers are correct
Increase
The regulation of international trade is done through regional agreements such as the European Union among ___ independent states
27
19
23
The ___ believed that it was beneficial to maintain a positive trade balance and replace imports with products manufactured in the interior of the country
Mercantilism
Free trade
The other answers are correct
Indicate which is the correct statement:
Tariffs rates are usually the same for all imported goods
Tariffs rates usually vary according to the type of imported goods
The other answers are correct
The economic effect of an import quota is similar to that of ___
The other answers are correct
An export quota
A tariff
Government subsidies are sometimes given to local companies that cannot compete well against foreign ___
Imports
Exports
The other answers are correct
A government can intervene in the exchange market to lower the value of its currency by ___ its currency on the exchange market
The other answers are correct
Selling
Buying
Free market advocates are among those who disagree with any kind of government intervention because, they say, a free market without interference will alocate resources more ___
Inefficiently
Efficiently
The other answers are correct
The value of free trade was first observed and documented by ___
Benjamin Franklin
John Locke
Adam Smith
A preferential trade area (also a preferential trade agreement) is a trade bloc that gives preferential access to certain products from participating countries. This is done to ___ tariffs
Reduce
Abolish or completely eliminate
The other answers are correct
___ can be considered the second phase of economic integration
The preferential trade area
The free trade area
The customs union
An example of ___ is the EFTA
Common market
Free trade area
Customs union
An example of ___ is MERCOSUR
Customs union
Economic and monetary union
Common market
The World Trade Organization officially began on January 1, __
1995
1975
1985
The Doha Round started in ___
2000
2001
2005
___ Bank is an international financial institution that provides leveraged loans to developing countries for capital programs with the stated goal of reducing poverty
Global
International
World
The current executive director of the International Monetary Fund is ___
Kristalina Georgieva
Margaret Tatcher
Emily Smith
The EU has developed a common market through a standarized system of laws that are applied in all member states, ensuring the freedom of movement of ___
People
The other answers are correct
Goods, services and capital
The European Commission is made up of ___ Commissioners
25
17
27
What body approves European legislation?
The other answers are correct
The European Parliament
The Council of the European Union
The seat of the Council of the European Union is in ___
Hamburg
Brussels
Amsterdam
The ___ Court primarily deals with cases brought by individuals and companies directly before the EU courts
The other answers are correct
European Justice
First Instance
In the Balance of Payments, the sum of all income from the rest of the world is always ___ the total sum of payments made to the rest of the world