International trade

1. What is international trade?

A) Exchange of goods and services between countries
B) Domestic trade within a country
C) Trade conducted online
D) Trade between companies in the same country

2. What is a tariff?

A) A subsidy for exporting companies
B) A tax on imported goods
C) A restriction on the quantity of goods imported
D) An agreement to increase trade

3. Which organization regulates international trade rules?

A) International Monetary Fund (IMF)
B) United Nations (UN)
C) European Union (EU)
D) World Trade Organization (WTO)

4. What is the balance of trade?

A) The process of negotiating trade agreements
B) The tax imposed on imports
C) The total value of goods traded internationally
D) The difference between a country's exports and imports

5. What is the main goal of protectionist trade policies?

A) To increase imports
B) To promote free trade
C) To protect domestic industries from foreign competition
D) To lower prices for consumers

6. Which country is the world's largest exporter?

A) China
B) United States
C) Japan
D) Germany

7. What is the World Trade Organization (WTO) responsible for?

A) Setting rules for global trade and resolving disputes between countries
B) Facilitating immigration policies
C) Providing financial aid to developing countries
D) Promoting a single global currency

8. How can international trade affect local employment according to a 2018 study?

A) It only affects nonmanufacturing sectors.
B) It always decreases local employment.
C) It can increase local employment.
D) It has no effect on local employment.

9. What may make it more environmentally friendly to import certain foods?

A) Regional differences in harvest seasons.
B) Better transportation infrastructure.
C) Higher demand for exotic foods.
D) Lower production costs abroad.

10. What is a significant factor in the trade-offs between local and distant food production?

A) The availability of international shipping routes.
B) The demand for luxury goods.
C) The cost of labor in different regions.
D) Limited studies comparing environmental impact.

11. Which database is known for providing historical documents on international trade?

A) MIT Observatory of Economic Complexity
B) United Nations Commodity Trade Database
C) FRASER (St Louis Fed)
D) Trade Map

12. Which organization provides a portal for OECD trade statistics?

A) United Nations Commodity Trade Database
B) Trade Map
C) Statistical Portal: OECD
D) MIT Observatory of Economic Complexity

13. Which country imposed taxes only on the first 50 kg of gold exports per month?

A) Ghana
B) Democratic Republic of Congo
C) Sudan
D) Mali

14. Which U.S. president first observed World Trade Week in Los Angeles?

A) President George W. Bush
B) President Donald Trump
C) President Barack Obama
D) The tradition began with the Los Angeles Area Chamber of Commerce in 1927.

15. What is unlikely to help reduce resource risks according to the study?

A) Reducing international trade
B) Diversifying trading partners
C) Implementing eco-tariffs
D) Increasing local production

16. When did President Barack Obama proclaim World Trade Week in 2016?

A) May 13–19, 2016
B) May 15–21, 2016
C) May 18–24, 2016
D) May 17–23, 2016

17. What is a free trade agreement?

A) An agreement to reduce or eliminate trade barriers
B) An agreement to restrict all exports
C) An agreement to control currency exchange rates
D) An agreement to impose tariffs on all imports

18. What is a relatively minor factor for carbon emissions in food production?

A) Energy consumption.
B) Food miles.
C) Nutrient recycling.
D) Water usage.

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