International trade

1. What is international trade?

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

2. What is a tariff?

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

3. Which organization regulates international trade rules?

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

4. What is the balance of trade?

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

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

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

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

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

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

A) Setting rules for global trade and resolving disputes between countries
B) Promoting a single global currency
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 always decreases local employment.
B) It only affects nonmanufacturing sectors.
C) It has no effect on local employment.
D) It can increase local employment.

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

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

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

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

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 Which database is known for providing historical documents on international trade?

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

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

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

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

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

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

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

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

17. What is a free trade agreement?

A) An agreement to impose tariffs on all imports
B) An agreement to restrict all exports
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) Food miles.
B) Water usage.
C) Energy consumption.
D) Nutrient recycling.

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