International Economics MCQs and Notes

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📊 International Economics
Q. The European Union has grown to be one of the world's largest trading blocs and markets. What is the approximate size of the population of the EU?
  • (A) 500 million people
  • (B) 292 million people
  • (C) 1.3 billion people
  • (D) 127 million people
💬 Discuss
✅ Correct Answer: (A) 500 million people
📊 International Economics
Q. On the 1st January 1958, six countries signed the treaty establishing the European Economic Community (EEC), in turn establishing the foundations for the European Union. In which European capital was it signed in from which it also takes its name?
  • (A) Athens
  • (B) Brussels
  • (C) Rome
  • (D) Amsterdam
💬 Discuss
✅ Correct Answer: (C) Rome
📊 International Economics
Q. In the European Union:
  • (A) All member countries have a single exchange rate
  • (B) All members set their own tariffs
  • (C) There is a common tariff against non-members
  • (D) All taxes are set the same
💬 Discuss
✅ Correct Answer: (C) There is a common tariff against non-members
📊 International Economics
Q. What would encourage trade between two countries?
  • (A) Different tax system
  • (B) Quality control
  • (C) Reduced tariffs
  • (D) Fixing import quota
💬 Discuss
✅ Correct Answer: (A) Different tax system
📊 International Economics
Q. International trade and domestic trade differ because of:
  • (A) Trade restrictions
  • (B) Immobility of factors
  • (C) Different government policies
  • (D) All of the above
💬 Discuss
✅ Correct Answer: (B) Immobility of factors
📊 International Economics
Q. Govt. policy about exports and imports is called:
  • (A) Monetary policy
  • (B) Fiscal policy
  • (C) Commercial policy
  • (D) Finance policy
💬 Discuss
✅ Correct Answer: (D) Finance policy
📊 International Economics
Q. In a free trade world in which no restrictions exist, international trade will lead to:
  • (A) Reduced real living standard
  • (B) Decreased efficiency
  • (C) Increased efficiency
  • (D) Reduced real GDP
💬 Discuss
✅ Correct Answer: (C) Increased efficiency
📊 International Economics
Q. What would encourage trade between two countries:
  • (A) Different tax system
  • (B) Frontier checks
  • (C) National currencies
  • (D) Reduced tariffs
💬 Discuss
✅ Correct Answer: (D) Reduced tariffs
📊 International Economics
Q. A tariff is:
  • (A) A restriction on the number of export firms
  • (B) Limit on the amount of imported goods
  • (C) Tax and imports
  • (D) (b) and (c) of above
💬 Discuss
✅ Correct Answer: (C) Tax and imports
📊 International Economics
Q. A trade-diverting customs union:
  • (A) increases the welfare of member and nonmember nations
  • (B) reduces the welfare of member and nonmember nations
  • (C) increases the welfare of member nations but reduces that of nonmembers
  • (D) reduces the welfare of nonmembers and may increase or reduce that of members
💬 Discuss
✅ Correct Answer: (D) reduces the welfare of nonmembers and may increase or reduce that of members

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