International Trade Exam Preparation Guide
Course Introduction
International Trade examines the economic, political, and institutional foundations of trade between countries, exploring the theories that explain why nations engage in the exchange of goods and services across borders. The course covers key topics such as comparative advantage, trade policy instruments (tariffs, quotas, and subsidies), trade agreements, and the impact of globalization on economic growth and income distribution. Students will analyze the effects of trade on consumers, producers, and governments, and consider contemporary issues such as protectionism, regional integration, and the role of international institutions like the World Trade Organization (WTO). The course emphasizes both theoretical frameworks and real-world applications, preparing students to critically evaluate current events and policy debates in global commerce.
Recommended Textbook
The World Economy Geography Business Development 6th Edition by Frederick P. Stutz
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14 Chapters
1739 Verified Questions
1739 Flashcards
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Page 2
Chapter 1: Economic Geography: An Introduction
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Which of the following is NOT a critique of logical positivism (spatial analysis)?
A) It ignores historical context.
B) It tends to ignore the motives of individuals.
C) It pays too little attention to statistical analysis.
D) It portrays geographies as unchanging.
E) It tends to represent people as points on a map.
Answer: C
Q2) Nations and states are the primary agents of international trade today
A)True
B)False
Answer: False
Q3) Shortage of clean water is one of the most easily fixed problems in LDCs (less developed countries).
A)True
B)False
Answer: False
Q4) The international economic system is synonymous with the ________ ________. Answer: world economy
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Chapter 2: The Historical Development of Capitalism
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183 Verified Questions
183 Flashcards
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Sample Questions
Q1) In the feudal era,which group of people were often merchants during seasonal fairs?
A) Jews
B) Norse
C) Roma (also known as Ruthenians or Gypsies)
D) Vandals
E) Visigoths
Answer: A
Q2) What was a key reason Russia did not decline into Third World status in the latter 1800s?
A) constructing a railroad network
B) connections to Japan, and Japanese goods
C) a strong central government that the people trusted
D) loans from the British government
E) the Hanseatic League
Answer: A
Q3) Colonialism produced the same effects in all across the globe.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Population
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) China has the largest population of all the world countries.Which is the 2 most populous country?
A) Brazil
B) India
C) Nigeria
D) Pakistan
E) Indonesia
Answer: B
Q2) All crowded countries are poor.
A)True
B)False
Answer: False
Q3) High unemployment rates,shortages of land and educational opportunities are all examples of push factors.
A)True
B)False
Answer: False
Q4) A ________ ________ is an effective method to summarize the age-sex structure of a country.
Answer: population pyramid
Page 5
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Chapter 4: Resources and Environment
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186 Verified Questions
186 Flashcards
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Sample Questions
Q1) Urban runoff is an example of a type of ________ ________ pollution.
Q2) Which of the following is TRUE?
A) American cars are much more fuel-efficient than European cars (U.S. cars get better mileage).
B) Only a small portion of the oil imported into the United States comes from the Middle East.
C) No presidential administration of the United States has called for oil self-sufficiency.
D) Only a small portion of the energy in the United States is generated from oil (less than 10%).
E) Japan, Italy, and France are self-sufficient in oil production (they need no imports).
Q3) The primary use of ________ in the U.S.is Power generation.
Q4) Which of the following is NOT TRUE?
A) All countries that produce oil belong to OPEC.
B) The price of oil fluctuates over time.
C) Rises in the price of oil can cause economic problems in the developed world.
D) The United States is a net consumer of fossil fuels.
E) All of the above are false.
Q5) The cultivation of food fish is also known as ________.
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Chapter 5: Theoretical Considerations
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127 Verified Questions
127 Flashcards
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Sample Questions
Q1) In the U.S.,the rate of new inventions and granted patents began to decline in which decade?
A) 1960
B) 1970
C) 1980
D) 1990
E) 2000
Q2) What is the crucial social relation of production?
A) between corporations and financial institutions
B) between business and government
C) between owners of the means of production and the workers who operate those means
D) between producers and consumers
E) between competing firms
Q3) When the cost of shipping raw materials is higher than the cost of of shipping the final product,firms tend to locate near the raw materials.
A)True
B)False
Q4) Capital is the only factor input that is sentient.
Q5) The skills present in the local labor force is called ________ ________.
Page 7
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Chapter 6: Agriculture
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130 Verified Questions
130 Flashcards
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Sample Questions
Q1) Mixed crop and livestock is the predominate system of agriculture practiced in which of the following regions?
A) Subsaharan Africa
B) Latin America
C) Australia
D) Northern Africa
E) South Asia
Q2) The predominate system of agriculture practiced in arctic Russia is
A) subsistence cultivation.
B) intensive subsistence wet rice not dominant.
C) mixed crop and livestock.
D) pastoral nomadism.
E) dairy
Q3) The top farm product produced in the U.S.in terms of its value is beef.
A)True
B)False
Q4) The top farm product produced in the U.S.in terms of its value is ________.
Q5) Market gardening (or truck farming)in the U.S.relies on seasonal migrants.
A)True
B)False
Page 8
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Chapter 7: Manufacturing
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83 Verified Questions
83 Flashcards
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Sample Questions
Q1) Which of the following is NOT a manufacturing region of Russia,Ukraine and Central Asia?
A) Donetsk River Valley
B) Eastern Ukraine
C) Volga Region
D) Central Region -Moscow
E) Urals Region
Q2) Italy has 2 major manufacturing regions.Which pairing of location and major products is correct?
A) Po River Valley - mineral mining and production
B) Po River Valley - high value-added textiles, industrial ceramics, electronic equipment
C) Emilia-Romagna - iron, steel, autos, etc
D) Emilia-Romagna - high value-added textiles, industrial ceramics, electronic equipment
E) none of the above are correctly paired
Q3) An arrangement whereby firms based in advanced industrial countries provide design specifications to producers in less developed countries is called ________
Q4) The country of ________ is now the largest producer of greenhouse gases.
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Chapter 8: Services
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133 Verified Questions
133 Flashcards
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Sample Questions
Q1) The largest component of financial services is commercial banking.
A)True
B)False
Q2) Even in most of the developing world,the services labor force comprises a large proportion of the total labor force.
A)True
B)False
Q3) Since the shift to floating exchange rates,what activity has become a big business?
A) international stock markets
B) purchases using the internet
C) trading in currencies
D) international mortgage banking
E) land speculation
Q4) In the U.S.,what percentage of a households expenditures are spent on services?
A) 10%
B) 25%
C) 40%
D) 50%
E) 75%
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Chapter 9: Transportation and Communications
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) The work performed via electronic lines of communication,including internet,either at home or via telework centers is called
A) e-commerce.
B) e-business.
C) EDI (electronic data exchange).
D) teleworking.
E) all of the above
Q2) The displacement of absolute space by relative space means that economic development becomes less dependent on ________ and more dependent on
A) relations with nature; social relations across space
B) competitive advantage; comparative advantage
C) situation; site
D) spatial interaction; transportation costs
E) none of the above
Q3) Railroads and highways that penetrate the interior from ports along the ocean are called tap routes.
A)True
B)False
Q4) The most rapidly diffusing technology in world history is ___ ________.
Page 11
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Chapter 10: Cities and Urban Economies
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) Exurbs are "boomtowns" that are in remote areas for only one reason --- access to affordable housing.
A)True
B)False
Q2) Which of the following statements is most accurate?
A) Decentralization of manufacturing began before 1900, but it took the construction of the Interstate Highway System to speed the process to completion.
B) Decentralization of the manufacturing process began after the completion of the Interstate Highway System.
C) Decentralization of manufacturing began before 1900 and was complete before the Interstate Highway System was fully funded.
D) Decentralization of manufacturing began before 1900 and was complete before the Interstate Highway System was construction.
E) Decentralization of manufacturing began in the 1950s, then continued until the Interstate Highway System was complete.
Q3) The system that ties cities together via various tiers stratified by population size and economic significance is called the ________ ________.
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Page 12
Chapter 11: Consumption
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99 Flashcards
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Sample Questions
Q1) The economically developed part of the world consumes about 40% of the world's paper.
A)True
B)False
Q2) With which of the following is consumption most closely intertwined?
A) international terrorism
B) democratization
C) urbanization
D) environment
E) production
Q3) The modern form of consumption is
A) conspicuous consumption.
B) epitomized by HDTV.
C) highly regulated.
D) consumerism.
E) heavily taxed.
Q4) Consumption levels inadequate to meet basic human needs is called ________.
Q5) Consumption is a major interface between the rich and poor.
A)True
B)False
Page 13
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Chapter 12: International Trade and Investment
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) Which statement about why exchange rates fluctuate is FALSE?
A) Increased demand for foreign currency raises the exchange rate of the exporting country.
B) Rising inflation in a country will depreciate its currency; which will make its products more attractive to its trading partners.
C) An increase in demand for foreign goods decreases domestic demand and depreciates currency.
D) If domestic interest rates rise, that country's currency may depreciate.
E) Currency speculation affects exchange rates.
Q2) Taken together,labor,capital,technology,entrepreneurship,and land containing raw materials are called
A) factors of consumption.
B) comparative advantage.
C) terms of trade.
D) demand conditions.
E) factors of production.
Q3) Tax-haven countries are those where taxes on foreign-source income are high.
A)True
B)False
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Page 14
Chapter 13: International Trade Patterns
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) Advanced industrial countries primarily trade with newly industrializing countries.
A)True
B)False
Q2) Special Economic Zones (SEZs)have been instrumental in the rapid economic development of ________.
Q3) ________ is the world's third leading trading nation.
Q4) In terms of dollar value,what is the smallest category of world exports today?
A) textiles and clothing
B) agricultural products
C) travel
D) services
E) transportation
Q5) The ________ ________ contains 2/3 of the world's oil reserves.
Q6) Under Spanish colonialism,Latin America's role was to provide secondary products.
A)True
B)False
Q7) The country of ________ ________ is the chief trading partner of most Latin American countries.
Page 15
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Chapter 14: Development and Underdevelopment in the Developing World
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123 Verified Questions
123 Flashcards
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Sample Questions
Q1) What is the average life expectancy of people living in economically advanced countries?
A) 75 years and above
B) 65 to 74 years
C) 55 to 64 years
D) 45 to 54 years
E) less than 45 years
Q2) Underdevelopment as a condition for some countries in the world economy is
A) inherent and inevitable.
B) a passive state of being.
C) naturally occurring.
D) an active process.
E) all of the above.
Q3) In what area(s)are women not very economically active outside the home because of religious prohibitions?
A) Baha'i areas
B) Hindu areas
C) Muslim areas
D) Northern America (Canada and United States)
Page 16
E) tropical zones (roughly 20 degrees north and south of the equator)
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