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International trade - Quiz
Contributed by: Grainger
  • 1. What is international trade?
A) Domestic trade within a country
B) Trade conducted online
C) Exchange of goods and services between countries
D) Trade between companies in the same country
  • 2. What is a tariff?
A) A subsidy for exporting companies
B) A restriction on the quantity of goods imported
C) An agreement to increase trade
D) A tax on imported goods
  • 3. Which organization regulates international trade rules?
A) United Nations (UN)
B) International Monetary Fund (IMF)
C) World Trade Organization (WTO)
D) European Union (EU)
  • 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 protect domestic industries from foreign competition
B) To increase imports
C) To lower prices for consumers
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) Providing financial aid to developing countries
B) Facilitating immigration policies
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 always decreases local employment.
B) It only affects nonmanufacturing sectors.
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) Better transportation infrastructure.
B) Regional differences in harvest seasons.
C) Lower production costs abroad.
D) Higher demand for exotic foods.
  • 10. What is a significant factor in the trade-offs between local and distant food production?
A) The availability of international shipping routes.
B) Limited studies comparing environmental impact.
C) The cost of labor in different regions.
D) The demand for luxury goods.
  • 11. Which database is known for providing historical documents on international trade?
A) FRASER (St Louis Fed)
B) Trade Map
C) United Nations Commodity Trade Database
D) MIT Observatory of Economic Complexity
  • 12. 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
  • 13. Which country imposed taxes only on the first 50 kg of gold exports per month?
A) Mali
B) Democratic Republic of Congo
C) Sudan
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 Barack Obama
C) President Donald Trump
D) President George W. Bush
  • 15. What is unlikely to help reduce resource risks according to the study?
A) Diversifying trading partners
B) Reducing international trade
C) Increasing local production
D) Implementing eco-tariffs
  • 16. When did President Barack Obama proclaim World Trade Week in 2016?
A) May 13–19, 2016
B) May 17–23, 2016
C) May 15–21, 2016
D) May 18–24, 2016
  • 17. 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 restrict all exports
D) An agreement to impose tariffs on all imports
  • 18. What is a relatively minor factor for carbon emissions in food production?
A) Water usage.
B) Nutrient recycling.
C) Energy consumption.
D) Food miles.
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