International trade among 196 countries of the world occurs when import and export take a larger part of their economic activities. What is used in the import and export in international trade as a medium of payments where the importer's bank on behalf of the importer guarantees that the payment will be remitted to the exporter's bank of the exported items?

a.Manager's Checks

b.Time Deposits

c.Corporate Bonds

d.Letter of Credit

The benefits that the two (2) major sectors of the economy would gain from the shifting of the prices of products from the price after tariff to price before tariff

a.Inflation and deflation

b.Producer surplus and consumer surplus

c.Tariff and Taxes

d.Quota and trade restrictions

A trade restriction or trade barrier imposed by the government that limits the volume or the amount of goods that a country can import or export to regulate the supply and demand of the products for the protection of local industries

a.Taxes

b.Quota

c.Tariff

d.Shortage

Globalization in the contemporary world is being played by the roles of State and Non-State actors in an economic and market interdependence. Which is an example of Non-state actors in the process of globalization?

a.Countries

b.International Non-Government Organizations

c.States

d.Nation-States

The market equilibrium price brings stability, peace and order in the country because supply would be capable of meeting demand vice-versa. What situation is brought by market equilibrium price for the country and the other term used to describe it?

a.Quantity demanded is equal with Quantity Supplied QD=QS, Market Clearing Price

b.Quantity Demanded is greater than quantity supplied, Business monopoly

c.Quantity demanded is less than quantity supplied, Large corporations turned into Conglomerates

d.Quantity demanded and Quantity Supplied are uncertain, China Debt trap to enslave into foreign loans poor countries

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The decision making concerning international trading policies of import and export is being carried by nation-states or countries as

a.International Financial Institutions

b.State Actors in the Global Economy

c.Non-State actors

d.International Non-Government Organizations

A country imposing trade barriers like tariff and quota to regulate supply in the local markets help local industries from the aggressive foreign competition is said pursuing an economic policy of

a.Deregulated Economy

b.Protectionist economy

c.Liberalized Economy

d.Open Economy

The market economy is the prerequisite for the 195 countries of the world to participate in the global economy. Which force in the market economy determines the quantity demanded and quantity supplied at a market clearing price for the stable economy.

a.Invisible hand of law of demand and supply coordinated by prices

b.Command economy of State Control

c.The ownership of all public domains by a ruling rich family of a country

d.A subsistence economy of traditional farming and hunting animals

When a country or a businessman is managing enterprises for globalization, he has to weigh or measure the benefit or value of something that must be given up to acquire or achieve a decision with greater benefits. How is this decision-making referred?

a.Fixed Cost

b.Opportunity cost

c.Red Ocean

d.Overhead cost

When the products produced in the local economy are not sold for a price and profit in the local and global market, then it will turn into surplus. How does surplus negatively affect and destabilize the economy with massive decreases of prices and profits for the products?

a.Economies of Scale

b.Inflation

c.Deflation

d.Opportunity cost