International trade

Choose the correct meaning of these words and expressions:

domestic producer

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 Home producer +

Foreign producer

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Free trade is a system which allows certain countries to buy and sell goods from each other without any financial  ... .

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 restrictions +

 costs

 gear

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Enhanced flow of ideas

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Increased flow of ideas

 Decreasedflowofideas

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Trade in goods such as food, raw materials, and manufactured goods is known as ... exports and ... imports.

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 tangible

 visible+

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To put on restrictions

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 to impose restrictions

to remove restrictions

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to pay with similar measures

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  to withdraw

 to retaliate

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         ... advantage is the ability of a country to produce a good using fewer resources than another country.

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 absolute+

 comparative

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Comparative advantage is the ability of a country to produce a good at a lower ... ...  thananothercountry.

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 opportunitycost+

 absoluteadvantage

 conmparativeadvantage

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To be shielded from foreign competitors

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To be protected from foreign competitors

 To be affected by foreign competition

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refund

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 A sum of money paid back

A subsidy

(insert the articles if necessary, choose the best alternative

Fair trade is practice of buying gooods directly from ...producers in  ....developing countries.

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 0  / 2

 the,  -

  -, -

    -, the

( insert articles if necessary, choose the best alternative

Each exporting country has ....incentive to subsidize exports even when ...importing country levies ... import tariff.

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 an, the, an

 the, the,  -

    -, a, -

( insert articles if necessary, choose the best alternative)

In 1933 ... North American Free Trade Agreement reduced trade restrictions among ... USA ... Canadaand ... Mexico.

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 the, the, -, -

 -, -, the, the

 -, -, -, -

  insert articles if necessary, choose the best alternative

....principle of ...comparative advantage is ....central concept  in ... international trade.

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 the,  - , a,  -  

 the, the, a, an

 the, the, a, the

  -, -, - , -

 insert the articles if necessary, choose the best alternative

...Embargoes  are....strongest limit on trade.

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 -, -

 -, the

 the, the

 an, the

Which of the words from a), b), c) does not collocate with the word:

market

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 a  open

 b revenue

 c domestic

Which of the words from a), b), c) does not collocate with the word:

tariff

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 a  protective

 b fiscal

 c  comparative

Which of the words from a), b), c) does not collocate with the word:

quota

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 a To increase

 b  To rise

 c To raise

Which of the words from a), b), c) does not collocate with the word:

quota

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 a To exceed

 bTo fill

 cTo complete

Which of the words from a), b), c) does not collocate with the word

advantage

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 a complete

 b total

 c infant

Which of the words from a), b), c) does not collocate with the word

trade

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 a To retaliate

 b To open up

 c To prohibit

Choose the correct word or word combination for the following definitions:

A law that bars trade

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 Quota

 Tariff

 Embargo

Choose the correct word or word combination for the following definitions:

The ability of a country to produce a good at a lower opportunity cost than another country.

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 Comparative advantage

Absolute advantage

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A tax on import

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  2  / 2

 Quota

 Tariff

 Embargo

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Trade in services

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 invisible exports and imports

 visible exports and imports

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The government’s use of protective measures to shield domestic producers from foreign competition

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 protectionism

 domestic trade

 foreign trade

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A limit on the quantity of a good that may be imported in a given time period

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Quota

 Tariff

 Embargo

Insert prepositions:

International trade is … the rise … recent centuries.

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 on, in

 on, at

 in, in

Insert prepositions:

Economic theory distinguishes … absolute and comparative advantage.

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 among

 between

on

Insert prepositions:

Economists believe that the gains … free trade exceed the losses.

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 for

 on

 from

Insert prepositions:

The WTO was set … in 1995 to encourage free trade … the global market place.

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 up, on

 off, on

 up, in

Insert prepositions:

The WTO governs trade … many products and raw materials, but has no control .. exchange rates.

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 at, for

 in, over

 in, on

Insert prepositions:

 A country … absolute advantage concentrates … the products which bring the least disadvantage.

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 0  / 2

 with, on

 without, on

 with, for

In these questions each sentence has four underlined words or phrases. The four Underlined parts of the sentence are marked (A), (B), (C) and (D). Identify the one underlined word or phrase that must be changed in order for the sentence to be correct.

Economists (A) always understood (B) the principle of comparativeadvantage (C) and the gains (D) from international trade.

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 a

 b

 c

 d

In these questions each sentence has four underlined words or phrases. The four Underlined parts of the sentence are marked (A), (B), (C) and (D). Identify the one underlined word or phrase that must be changed in order for the sentence to be correct.

(A) A most of Belarusian exports (B) go to Russia (C) amongthem are minerals, (D) chemical products and food.

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 a

 b

 c

 d

In these questions each sentence has four underlined words or phrases. The four Underlined parts of the sentence are marked (A), (B), (C) and (D). Identify the one underlined word or phrase that must be changed in order for the sentence to be correct.

(A)Opening up trade (B) fosters competition and gives the invisible hand (C) better chance (D) to work its magic.

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 a

 b

 c

 d

In these questions each sentence has four underlined words or phrases. The four Underlined parts of the sentence are marked (A), (B), (C) and (D). Identify the one underlined word or phrase that must be changed in order for the sentence to be correct

(A)The positive trade balance (B) was reached (C) in the country (D) by the end of 2010.

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 a

 b

 c

 d

In these questions each sentence has four underlined words or phrases. The four Underlined parts of the sentence are marked (A), (B), (C) and (D). Identify the one underlined word or phrase that must be changed in order for the sentence to be correct.

(A) It is necessary to say that (B) many farmers in this county (C) are being subsidized (D) by the government every year.

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 a

 b

 c

 d

Choose the correct meaning of these words and expressions:

The selling of goods abroad at below cost price

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  3  / 3

Choose the correct variant.

... advantage is the ability of a country to produce a good using fewer resources than another country.

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  3  / 3

Choose the correct variant.

Free trade is a system which allows certain countries to buy and sell goods from each other without any financial ... .

 Правильно

  3  / 3

Choose the correct meaning of these words and expressions:

refund

 Правильно

  3  / 3

Choose the correct variant.

Trade in goods such as food, raw materials, and manufactured goods is known as ... exports and ... imports.

 Правильно

  3  / 3