CFA 2026 Level II Vignettes Economic Analysis International Trade Free Quiz 2

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CFA 2026 Level II Vignettes Economic Analysis International Trade Free Quiz 2

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CFA 2026 Level II Vignettes Economic Analysis International Trade Free Quiz 2

Practice CFA 2026 Level II Vignettes Economic Analysis MCQs from International Trade. Get instant results with Explanation.

General10 MCQs

1. Vignette 3: Trade Agreements - What is a free trade agreement (FTA)?

A. A barrier to tradeB. A tax on importsC. A global trade organizationD. An agreement to reduce trade barriers between member countries

2. What distinguishes a customs union from a free trade area?

A. Free trade among members plus a common external tariffB. Free trade only, no common external tariffC. Common external tariff only, no internal free tradeD. A common currency

3. What are trade creation and trade diversion?

A. Trade creation reduces welfareB. Trade creation improves welfare; trade diversion may notC. Trade diversion improves welfareD. Both always improve welfare

4. What is the role of the WTO?

A. A trade blocB. A free trade agreementC. An international organization overseeing trade rulesD. A customs union

5. What is the most-favored-nation (MFN) principle?

A. A tariff on all importsB. A trade barrierC. A subsidy to domestic industriesD. A principle of non-discrimination in WTO trade rules

General10 MCQs

6. Vignette 4: Trade Deficits and Surpluses - What is a trade deficit?

A. Exports exceed importsB. Imports exceed exportsC. Exports equal importsD. Net exports are positive

7. What is the national income identity for the current account?

A. S - I + (T - G)B. S + I - (T - G)C. I - S + (G - T)D. T - G + I - S

8. What are the risks associated with persistent trade deficits?

A. Trade deficits are always harmfulB. Trade deficits are always beneficialC. Persistent trade deficits can pose risks to external stabilityD. Trade deficits have no economic consequences

9. What is the J-curve effect?

A. The immediate improvement of the trade balance after depreciationB. The immediate deterioration of the trade balance after appreciationC. The long-run effect of depreciationD. The short-run worsening followed by long-run improvement of the trade balance after depreciation

10. What is the Marshall-Lerner condition?

A. Elasticities sum to less than 1B. Sum of export and import elasticities > 1C. Elasticities are equal to 1D. Only export elasticity matters

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Conducting Body: CFA Institute

Frequency: 4 times a year (February, May, August, November) | Time: 135 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 90 MCQs):

Alternative Investments: 8 MCQs
Corporate Issuers: 7 MCQs
Derivatives: 5 MCQs
Economics: 7 MCQs
Equity Investments: 12 MCQs
Ethics: 16 MCQs
Financial Statement Analysis: 11 MCQs
Fixed Income: 11 MCQs
Portfolio Management: 9 MCQs
Quant Methods: 6 MCQs

Merit Formula: -

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