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International Economics Practice Test
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International economics covers the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them.
International economics plays a crucial role in understanding and shaping the global economy. It helps explain the benefits and challenges of international trade, the effects of globalization on different economies, and the impact of economic policies on domestic and foreign markets.

International Economics Practice Test
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25 Questions

1. The supply of pounds to the currency market will be upward sloping if:
2. Which of the following is NOT true about the reserve currency standard?
3. Factor endowment theory is also known as
4. Under a fixed exchange rate system, a contractionary fiscal policy leads to a worsening in a nation’s balance-of-payments position if the resulting:
5. The _______________ records all international financial transactions that involve resident of the country concerned- changing either his assets with or his liabilities to a resident of another country.
6. If { } > { } when K= capital and L= labour, and A and B are countries then
7. Official reserves consist of
8. Which among the following are the major assumptions of Absolute advantage theory?
9. All of the following are credit items in the balance of payments, except:
10. Protectionist trade policy is associated with
11. ____________states that at constant commodity prices, an increase in the quantity of one factor increases the production of the commodity intensive in this factor and reduces the output of the other commodity which is intensive in the constant factor.
12. 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?
13. If there is a decline in output, to keep the exchange rate fixed, the central bank has to:
14. Which among the following sentence is NOT true
15. If the exchange rate is below the equilibrium level then in a floating exchange rate system:
16. A fall in the value of the pound is likely to decrease spending on imports if:
17. Which balance-of-payments item does not directly enter into the calculation of the U.S.gross domestic product?
18. Which of the following would call for inpayments to the United States?
19. A rise in the real exchange rate will ____________ the competitiveness of the domestic economy
20. Which one of the following statements is the most accurate?
21. If { } > { } when K= capital and L= labour, and A and B are countries then
22. Debt (–) items in the balance of payments correspond to anything that:
23. If a respectable source speculates that there is a possibility of devaluation:
24. The Absolute advantage theory indicates that a country should engage in the production and exchange of those commodities where it has
25. _______________are receipts which the residents of a country receive for free, without making any present or future service transaction in return.

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