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International trade - Quiz
International trade
  • 1. What is international trade?
A) Trade between companies in the same country
B) Domestic trade within a country
C) Exchange of goods and services between countries
D) Trade conducted online
  • 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) European Union (EU)
B) World Trade Organization (WTO)
C) United Nations (UN)
D) International Monetary Fund (IMF)
  • 4. What is the balance of trade?
A) The total value of goods traded internationally
B) The difference between a country's exports and imports
C) The process of negotiating trade agreements
D) The tax imposed on imports
  • 5. What is the main goal of protectionist trade policies?
A) To protect domestic industries from foreign competition
B) To lower prices for consumers
C) To increase imports
D) To promote free trade
  • 6. Which country is the world's largest exporter?
A) Germany
B) Japan
C) China
D) United States
  • 7. What is the World Trade Organization (WTO) responsible for?
A) Promoting a single global currency
B) Setting rules for global trade and resolving disputes between countries
C) Facilitating immigration policies
D) Providing financial aid to developing countries
  • 8. How can international trade affect local employment according to a 2018 study?
A) It only affects nonmanufacturing sectors.
B) It can increase local employment.
C) It always decreases local employment.
D) It has no effect on local employment.
  • 9. What may make it more environmentally friendly to import certain foods?
A) Lower production costs abroad.
B) Regional differences in harvest seasons.
C) Higher demand for exotic foods.
D) Better transportation infrastructure.
  • 10. What is a significant factor in the trade-offs between local and distant food production?
A) The demand for luxury goods.
B) The cost of labor in different regions.
C) Limited studies comparing environmental impact.
D) The availability of international shipping routes.
  • 11. Which database is known for providing historical documents on international trade?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
  • 12. Which organization provides a portal for OECD trade statistics?
A) Trade Map
B) Statistical Portal: OECD
C) MIT Observatory of Economic Complexity
D) United Nations Commodity Trade Database
  • 13. Which country imposed taxes only on the first 50 kg of gold exports per month?
A) Ghana
B) Sudan
C) Democratic Republic of Congo
D) Mali
  • 14. Which U.S. president first observed World Trade Week in Los Angeles?
A) President Barack Obama
B) President George W. Bush
C) President Donald Trump
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) Implementing eco-tariffs
B) Increasing local production
C) Reducing international trade
D) Diversifying trading partners
  • 16. When did President Barack Obama proclaim World Trade Week in 2016?
A) May 15–21, 2016
B) May 13–19, 2016
C) May 17–23, 2016
D) May 18–24, 2016
  • 17. What is a free trade agreement?
A) An agreement to restrict all exports
B) An agreement to impose tariffs on all imports
C) An agreement to reduce or eliminate trade barriers
D) An agreement to control currency exchange rates
  • 18. What is a relatively minor factor for carbon emissions in food production?
A) Nutrient recycling.
B) Water usage.
C) Energy consumption.
D) Food miles.
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