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Which of the following is international trade:

A.	Trade between provinces	B.	Trade between regions
C.	Trade between countries	D.	(b) and (c) of above

Theory of comparative advantage was presented by:

A.	Adam Smith	B.	Ricardo
C.	Hicks	D.	Arshad

Which is NOT an advantage of international trade:

A.	Export of surplus production	B.	Import of defence material
C.	Dependence on foreign countries	D.	Availability of cheap raw materials

If Japan and Pakistan start free trade, difference in wages in two countries will:

A.	Increase	B.	Decrease
C.	No effect	D.	Double

Trade between two countries can be useful if cost ratios of goods are:

A.	Equal	B.	Different
C.	Undetermined	D.	Decreasing

Modern theory of international trade is based n the views of:

A.	Robbins and Ricardo	B.	Adam Smith and Marshall
C.	Heckcsher and Ohlin	D.	Saleem and Kareem

Foreign trade creates among countries:

A.	Conflicts	B.	Cooperation
C.	Hatred	D.	Both (a) & (b)

Net exports equal:

A.	Exports x Imports	B.	Exports + Imports
C.	Exports - Imports	D.	Exports of services only

A tariff:

A.	Increases the volume of trade	B.	Reduces the volume of trade
C.	Has no effect on volume of trade	D.	(a) and (c) of above

10.

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