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INTERNATIONAL TRADE
a) I only
b) I and III only
c) II only
d) II and IV only
a) Excise duties
b) Import quotas
c) Tariffs
d) Restriction of foreign exchange to importers
9. Restrictions are usually placed on goods imported into a country in order to:
a) I and IV only
b) II and III only
c) I, II and III only
d) I, II and IV only
14. If two countries, A and B, divide their factors of production equally between
producing bauxite and sugar, their output is:
This schedule suggests a strong possibility that both countries will be better
off if:
15. Which country (if any) has comparative advantages in producing flour as
against oil?
a) Guyana
b) Trinidad
c) Both countries
d) Neither country
16. Which country (if any) has absolute advantage in producing both commodities?
a) Guyana
b) Trinidad
c) Both Countries
d) Neither country
a) Flour only
b) Oil only
c) Both Flour and oil
d) Neither of the commodities
18. How many bags of flour would a Trinidadian trader, wishing to exchange oil for
flour within Trinidad, get for 20 barrels of oil?
a) 20
b) 12
c) 10
d) 8
19. If the Trinidadian trader takes his 20 barrels of oil to Guyana, how many bags of
flour should he get for them?
a) 30
b) 20
c) 13 1/3
d) 8
Steel Food
Country A 10 4
Country B 8 6
23. An order by a Caribbean importer for two hundred European cars represents
a) an invisible import
b) an invisible export
c) a visible import
d) a visible export
a) +$1,582m
b) -$1,354m
c) +$228m
d) -$228m
a) -$631m
b) +625m
c) +$631m
d) -$624m
26. The percentage change between the two years in the balance of trade is
a) +$100m
b) -$100m
c) +$700m
d) -$700m
a) +$100m
b) -$100m
c) +$700m
d) -$700m
29. In a certain year goods worth $7,902m are imported and goods worth $7,893
are exported. The balance of trade is:
a) +$7,893m
b) -$9m
a) -$7,902m
b) -$9m
$M
Visible imports 9,000
Visible exports 8,600
Invisible imports 2,500
Invisible exports 2,700
Investments in foreign countries 450
Foreign investment in home country 400
a) a surplus of $400m
b) a deficit of $400m
c) a surplus of $200m
d) a deficit of $600m
31. The current balance is:
a) a deficit of $200m
b) a surplus of $200m
c) a deficit of $150m
d) a surplus of $150m
a) a deficit of $200m
b) a surplus of $200m
c) a deficit of $150m
d) a surplus of $150 m
a) Invisible imports
b) Visible exports
c) Invisible exports
d) Visible imports