International trade

1. What is international trade?

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

2. What is a tariff?

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

3. Which organization regulates international trade rules?

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

4. What is the balance of trade?

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

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

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

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

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

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

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

8. What is a free trade agreement?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Created with That Quiz — where test making and test taking are made easy for math and other subject areas.