Unit 1 International Trade

一. Choose the right answer from the four choices below.

1. Any international transaction should start with (   ).

A. enquiry    B. market research    C. negotiation of L/C    D. orders

2.Trade barriers may take many form including import duties, import licenses, export licenses, import quotas, tariffs, subsidies and (   ).

A. import system          B. non-tariff barriers  

C. export system          D. international trade policy

3. To cooperate with the IMF is the (   ) functions of WTO.

A. additional    B. basic    C. only    D. main

4. In most countries, international trade represents a significant share of (   ).

A. IMF     B. ICC     C. GDP     D. gross domestic product

5. Factors of production such as (   ) are typically more mobile within a country than across national borders.

A. capital and labor         B. goods and services  

C. information and land      D. capital and goods

6. Most trade barriers work on the same principle: (   )

A. to implement the WTO Agreement

B. to serve as a tribunal for resolving disputes

C. the imposition of some sort of cost on trade that reduces the price of trade products

D. the imposition of some sort of cost on trade that raises the price of trade products

7.(   )is a general term that describes any government policy or regulation that restricts international trade .

A. domestic trade    B. tariffs    C. trade barrier   D.WTO

二. Decide whether the following statements are true or false.

1. The WTO is described as umbrella organization under which the agreements that came out of the Uruguay Round of multilateral trade negotiations are gathered. (   )

2. The economical, social, and political importance of international trade has been rising in recent centuries. (   )

3. For any country, international trade is a major source of economic revenue. (   )

4. International trade is as costly as domestic trade. (   )

5. In international trade, both political risks and economic risks are involved. (   )

6. If two nations repeatedly use trade barriers against each other, then a trade war results. (   )

7.International trade is mostly restricted to trade in goods and services .(   )

8.International trade is also a branch of economics (   )

三. Multiple choice questions. Select all of the correct answers.

1. International trade is the exchange of (   ) across national borders and territories.

A. capital    B. goods    C. services    D. related information

2. International trade is different from domestic trade, please point out which of the following description is not right (   ).

A. International trade is more costly  

B. International trade is less costly

C. International trade is restricted to trade in goods and service

D. International trade is also a branch of economics

3. There are some risks in multilateral trade. They mainly include economic risks and political risks. The economic risks include (   ).

A. risk of confiscation of the importer’s company  B. risk of exchange rate

C. risk of failure of payment by buyer           D. risk of war

4. What factors influence the international trade system? (   )

A. industrialization   B. globalization   C. outsourcing   D. capital

5. The economic risks involved in international trade are (   ).

A. risk of cancellation of import or export licenses

B. failure of the buyer to pay the amount within six months after validity

C. war risks           D. insolvency of the buyer

6. Please list the basic functions of the WTO. (   )

A. To carry out the WTO agreement.

B. To serve as a tribunal for resolving disputes.

C. To cooperate with the IMF.

D. To review the trade policies and practices of member states.

7. The political risks involved in international trade are (   ).

A. war risks              B. the risk of exchange rate

C. risk of the imposition of an import ban after the shipment of the goods

D. risk of cancellation or non-renewal of export licenses

8. Additionally, the WTO is to cooperate with (   ) in order to achieve greater coherence in global economic policy making.

A. ICC      B. FIATA     C. World Bank     D. IMF

四. Translate the following words and expressions.

1. shipping space

2. customs clearance

3. labor-intensive goods

4. factors of production

5. domestic trade

6. exchange rate  

7. multinational corporation

8. International Monetary Fund

9. market research

10. 多边贸易谈判

11. 国内生产总值

12. 国际贸易

13. 进口关税

14. 赎单

15．世界贸易组织

16．贸易壁垒

17．进口关税