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

3. Which organization regulates international trade rules?

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

4. What is the balance of trade?

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

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 promote free trade
D) To increase imports

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

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

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

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

8. 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 has no effect on local employment.
D) It only affects nonmanufacturing sectors.

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 cost of labor in different regions.
B) Limited studies comparing environmental impact.
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 Which database is known for providing historical documents on international trade?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) United Nations Commodity Trade Database
D) FRASER (St Louis Fed)

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

A) Trade Map
B) United Nations Commodity Trade Database
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) Sudan
B) Democratic Republic of Congo
C) Mali
D) Ghana

14. 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

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

A) Increasing local production
B) Implementing eco-tariffs
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 17–23, 2016
C) May 13–19, 2016
D) May 18–24, 2016

17. What is a free trade agreement?

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

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

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

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