VOCABULARY TEST : ECONOMICS (05)

INTERNATIONAL TRADE & DEVELOPMENT

ADVANCED LEVEL

I am greatly indebted to [and hope I be forgiven for my pillaging and pilfering from] an excellent French website, namely, se-former.org... (now closed down)... Forsooth, I have made very few changes and contributed very little of my own, beyond adding a fourth false alternative answer...

Please do not click the answer button before you have thoroughly studied the question and deliberated on your own choice !!

 

 
    01 --  International trade theory suggests that all countries should specialise their production in sectors in which they have the greatest ............... .

a. know-how
b. number of mergers
c.
cheapest goods
d.
personnel training
e.
comparative advantage

  

02 --  Following the ............... of the 1930s, the GATT was set up to foster trade liberalization after the war.

a. competitiveness
b. globalism
c.
protectionism
d. economic mobility
e.
supply shortages

  

03 --  Trade liberalization in services ...............  tackling non-tariff barriers in a very wide range of activities.

a. acquires
b. expires
c. enquires
d.
requires
e. transpires


  

04 --  The progressive abolition of ............... during the 1980s, in particular, helped boost foreign direct investment, which in turn has brought about substantial changes in the international organisation of production.

a. free circulation of labour
b.
exchange controls
c. feasibility studies
d. border controls
e. free circulation of capital


  

05 --  The international division of labour  is often criticised for favouring industrialised countries and ............... commodity-producing LDCs.

a. penalizing
b.
analyzing
c. humanizing
d. terrorizing
e. westernizing


  

06 --  The price rises of the oil ............... have now been completely reversed.

a. cartels
b.
shocks
c. wells
d.
booms
e. hikes

  

07 --  Despite the importance of services in output and employment, trade in ............... still lags far behind trade in manufactures.

a. commodities
b.
stocks and shares
c.
invisibles
d. proforma
invoices
e.
durables

  

08 --  Rising birth rates and falling ............... rates have led to the demographic explosion in developing countries.

a. morbidity
b. tax
c.
morality
d. savings
e.
mortality

  

09 --  The strong rise in ............... during the 1970s and 1980s is still severely hampering a return to growth in developing nations, especially in Africa.

a. transactions
b.
investments
c.
monopolies
d.
indebtedness
e. collective negotiations


  

10 --  Concern for human rights has led to stronger  ............... being attached to loans to developing countries.

a. economic requirements
b. religious demands
c.
political conditionality
d. income tax stipulations

e. wages restrictions

  

11 --  Exporters who do business in ............... materials or products composed of or packaged with ............... material must be aware of the steps required to ship these items.

a. floating
b.
hazardous
c. allocated
d. smuggled

e. raw

  

12 --  A Certificate of Origin is a document, required by foreign governments, declaring that goods in a particular international ............... are of a certain origin.

a. shipment
b. production
c. storage
d. transportation
e.
delivery

  

13 --  Any country has to maintain a minimum level of ............... to be able to pay for essential imports.

a. capital investments
b. exports duty
c. solvency funds
d.
foreign exchange reserves
e. duty free shops


  

14 --  ............... strategies for development are widely seen to have failed, although the present crisis in the emerging countries also raises questions about  capital market liberalization.

a. Import substitution
b. Foreign investment
c. Domestic demand
d. Stock exchange
e.
Internal investment

  

15 --  Many developing countries have made substantial investments in ............... industries for strategic and political considerations.

a. transformation
b. heavy
c.
consumer
d. chemical
e.
light

  

16 --  Using purchasing power parities can help give a better indication of comparative living standards than using ............... .

a. claims of diminishing returns
b.
nominal exchange rates
c. widespread discontent statistics
d.
real exchange rates
e.
current prices and exchange rates

  

17 --  Organisations like the World Bank or the EIB provide ............... as a way for financing commercial development projects.

a. international grants
b. foreign aid
c.
concessional loans
d. trading bonds
e. trade partnership quotas


  

18 --  ............... development is meant to take into account environmental concerns in promoting economic activity.

a. Autonomous
b.
Industrial
c.
Durable
d. Sustainable
e. Cooperative


  

19 --  The ................ economy is said to allow many citizens of developing countries to make-ends-meet.

a. domestic
b.
official
c. informal
d.
international
e. unofficial


  

20 --  The crisis in the emerging currencies has cast substantial doubt on the feasibility of ............... exchange rates.

a. feasible
b.
controlling
c.
managing
d.
diminishing
e.
pegging

                 

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