Question 1

Under free trade -------benefit more.

Accepted Answer

A) consumer 
B) agents 
C) middlemen 
D) traders 
A) consumer 
B) agents 
C) middlemen 
D) traders A

Question 2

Infant Industry Argument is justified for -------.

Accepted Answer

A) Protecting old industries 
B) For enabling competitive efficiency of industries 
C) For strengthening public sector 
D) For allowing free trade 
A) Protecting old industries 
B) For enabling competitive efficiency of industries 
C) For strengthening public sector 
D) For allowing free trade B

Question 3

The European Economic Community (EEC) was founded in 1957 under the treaty of -------.

Accepted Answer

A) Paris 
B) Rome 
C) Washington 
D) Veraiiles 
A) Paris 
B) Rome 
C) Washington 
D) Veraiiles B

Question 4

-------is the highest form of economic integration.

Accepted Answer

A) Preferential trading system 
B) Free trade union 
C) Customs union 
D) Economic union 
A) Preferential trading system 
B) Free trade union 
C) Customs union 
D) Economic union

Question 5

Free trade is based on the principle of -------.

Accepted Answer

A) Comparative cost advantage 
B) Comparative disadvantage 
C) Production possibility advantage 
D) Equal cost 
A) Comparative cost advantage 
B) Comparative disadvantage 
C) Production possibility advantage 
D) Equal cost

Question 6

Which of the following is an argument far free trade -------.

Accepted Answer

A) prevents monopolies 
B) unfavourable terms of trade 
C) unfavourable balance of payments 
D) allows monopolies 
A) prevents monopolies 
B) unfavourable terms of trade 
C) unfavourable balance of payments 
D) allows monopolies

Question 7

Pick out the wrong statement.

Accepted Answer

A) Tariffs are primarily levied to earn revenue. 
B) Tariffs are levied to protect domestic industries. 
C) Tariffs reduce the prices of the commodity on which it is levied. 
D) Tariffs affect the income and employment. 
A) Tariffs are primarily levied to earn revenue. 
B) Tariffs are levied to protect domestic industries. 
C) Tariffs reduce the prices of the commodity on which it is levied. 
D) Tariffs affect the income and employment.

Question 8

-------is a type of tariff barriers.

Accepted Answer

A) Embargo 
B) Ad-valorem duties 
C) Product standard 
D) Consular Formalities 
A) Embargo 
B) Ad-valorem duties 
C) Product standard 
D) Consular Formalities

Question 9

Protectionism

Accepted Answer

A) increase the quality of imports 
B) decrease the government revenue 
C) increase the government earnings from tax 
D) decrease the government earnings from tax 
A) increase the quality of imports 
B) decrease the government revenue 
C) increase the government earnings from tax 
D) decrease the government earnings from tax

Question 10

European union was initially formed with -------European countries.

Accepted Answer

A) 27 
B) 28 
C) 6 
D) 5 
A) 27 
B) 28 
C) 6 
D) 5

Question 11

A tariff is a tax on -------.

Accepted Answer

A) domestic goods and services 
B) foreign goods and service 
C) quality of goods 
D) None of the above 
A) domestic goods and services 
B) foreign goods and service 
C) quality of goods 
D) None of the above

Question 12

Pick out the wrong statement.

Accepted Answer

A) Tariffs restrict trade 
B) Import quotas have a direct effect in reducing imports 
C) Voluntary export restraint is an example of tariff barriers. 
D) An export subsidy is a government grant given to an export firm. 
A) Tariffs restrict trade 
B) Import quotas have a direct effect in reducing imports 
C) Voluntary export restraint is an example of tariff barriers. 
D) An export subsidy is a government grant given to an export firm.

Question 13

Pick out the wrong statement.

Accepted Answer

A) The objective of ASEAN is to achieve economic, political, social and cultural co- operation among its members. 
B) U.K. is a member of ASEAN 
C) There will be free movement of goods and services within ASEAN 
D) ASEAN FTA will improve business competitiveness between the members. 
A) The objective of ASEAN is to achieve economic, political, social and cultural co- operation among its members. 
B) U.K. is a member of ASEAN 
C) There will be free movement of goods and services within ASEAN 
D) ASEAN FTA will improve business competitiveness between the members.

Question 14

Under free trade -------will be higher.

Accepted Answer

A) wages 
B) trade wars 
C) civil wars 
D) restrictions 
A) wages 
B) trade wars 
C) civil wars 
D) restrictions

Question 15

The origin of protectionist policy can be traced back to -------.

Accepted Answer

A) Free trade era 
B) Mercantilists days 
C) Globalisation period 
D) Brettonwoods system 
A) Free trade era 
B) Mercantilists days 
C) Globalisation period 
D) Brettonwoods system

Question 16

The main objective of trade barriers are -------.

Accepted Answer

A) to discourage new industries domestically 
B) to reduce unnecessary imports 
C) to spend valuable foreign exchange 
D) To allow free trade 
A) to discourage new industries domestically 
B) to reduce unnecessary imports 
C) to spend valuable foreign exchange 
D) To allow free trade

Question 17

Economic integration means.

Accepted Answer

A) Application of tariffs 
B) Removal of customs duties 
C) Banning the movement of goods and services 
D) banning trade 
A) Application of tariffs 
B) Removal of customs duties 
C) Banning the movement of goods and services 
D) banning trade

Question 18

The referendum for Brexit was held on -------.

Accepted Answer

A) July 1st 2017 
B) June 23rd 2016 
C) September 1, 2017 
D) July 23rd 2016 
A) July 1st 2017 
B) June 23rd 2016 
C) September 1, 2017 
D) July 23rd 2016

Question 19

Prime Minister -------announced the government's intention that U.K. will not seek permanent membership of the European single market or the EU customs union after leaving the EU.

Accepted Answer

A) David Cameroon 
B) Trump 
C) Narendra Modi 
D) Theresa May 
A) David Cameroon 
B) Trump 
C) Narendra Modi 
D) Theresa May

Question 20

Pick out the feature which does not describe European Union.

Accepted Answer

A) Common currency 
B) Elimination of customs duties on the movement of goods. 
C) Independent policies for agriculture among member nations. 
D) Creation of a European Social Fund to improve employment opportunities of workers. 
A) Common currency 
B) Elimination of customs duties on the movement of goods. 
C) Independent policies for agriculture among member nations. 
D) Creation of a European Social Fund to improve employment opportunities of workers.

Under free trade -------benefit more.

Infant Industry Argument is justified for -------.

The European Economic Community (EEC) was founded in 1957 under the treaty of -------.

-------is the highest form of economic integration.

Free trade is based on the principle of -------.

Which of the following is an argument far free trade -------.

Pick out the wrong statement.

-------is a type of tariff barriers.

Protectionism

European union was initially formed with -------European countries.

A tariff is a tax on -------.

Pick out the wrong statement.

Pick out the wrong statement.

Under free trade -------will be higher.

The origin of protectionist policy can be traced back to -------.

The main objective of trade barriers are -------.

Economic integration means.

The referendum for Brexit was held on -------.

Prime Minister -------announced the government's intention that U.K. will not seek permanent membership of the European single market or the EU customs union after leaving the EU.

Pick out the feature which does not describe European Union.

Key Concepts in Macroeconomics and Economic History

National Income and GDP Calculation in India

National Income and Classical Theory of Employment

Economic Concepts and Policies

Understanding Inflation, Business Cycles, and Monetary Policy

International Trade Theories and Concepts

Understanding Terms of Trade and International Trade Policies

International Trade and Economic Policies

Balance of Payment and International Trade

International Trade and Finance

Understanding Foreign Exchange Market and Exchange Rate Systems: Part 1

Understanding Foreign Exchange Market and Exchange Rate Systems: Part 2

Filters

Exam 8: International Trade Policies and Organizations

Under free trade -------benefit more.

Infant Industry Argument is justified for -------.

The European Economic Community (EEC) was founded in 1957 under the treaty of -------.

-------is the highest form of economic integration.

Free trade is based on the principle of -------.

Which of the following is an argument far free trade -------.

Pick out the wrong statement.

-------is a type of tariff barriers.

Protectionism

European union was initially formed with -------European countries.

A tariff is a tax on -------.

Pick out the wrong statement.

Pick out the wrong statement.

Under free trade -------will be higher.

The origin of protectionist policy can be traced back to -------.

The main objective of trade barriers are -------.

Economic integration means.

The referendum for Brexit was held on -------.

Prime Minister -------announced the government's intention that U.K. will not seek permanent membership of the European single market or the EU customs union after leaving the EU.

Pick out the feature which does not describe European Union.

Key Concepts in Macroeconomics and Economic History

National Income and GDP Calculation in India

National Income and Classical Theory of Employment

Economic Concepts and Policies

Understanding Inflation, Business Cycles, and Monetary Policy

International Trade Theories and Concepts

Understanding Terms of Trade and International Trade Policies

International Trade and Economic Policies

Balance of Payment and International Trade

International Trade and Finance

Understanding Foreign Exchange Market and Exchange Rate Systems: Part 1

Understanding Foreign Exchange Market and Exchange Rate Systems: Part 2

Filters