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International trade
Contributed by: Grainger
  • 1. What is international trade?
A) Trade conducted online
B) Exchange of goods and services between countries
C) Trade between companies in the same country
D) Domestic trade within a country
  • 2. What is a tariff?
A) A subsidy for exporting companies
B) A tax on imported goods
C) An agreement to increase trade
D) A restriction on the quantity of goods imported
  • 3. Which organization regulates international trade rules?
A) United Nations (UN)
B) International Monetary Fund (IMF)
C) European Union (EU)
D) World Trade Organization (WTO)
  • 4. What is the balance of trade?
A) The tax imposed on imports
B) The difference between a country's exports and imports
C) The total value of goods traded internationally
D) The process of negotiating trade agreements
  • 5. What is the main goal of protectionist trade policies?
A) To lower prices for consumers
B) To protect domestic industries from foreign competition
C) To increase imports
D) To promote free trade
  • 6. Which country is the world's largest exporter?
A) Germany
B) China
C) United States
D) Japan
  • 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 has no effect on local employment.
B) It only affects nonmanufacturing sectors.
C) It always decreases local employment.
D) It can increase local employment.
  • 9. What may make it more environmentally friendly to import certain foods?
A) Regional differences in harvest seasons.
B) Lower production costs abroad.
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) 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 Which database is known for providing historical documents on international trade?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) FRASER (St Louis Fed)
B) MIT Observatory of Economic Complexity
C) United Nations Commodity Trade Database
D) Trade Map
  • 12. Which organization provides a portal for OECD trade statistics?
A) Statistical Portal: OECD
B) United Nations Commodity Trade Database
C) MIT Observatory of Economic Complexity
D) Trade Map
  • 13. Which country imposed taxes only on the first 50 kg of gold exports per month?
A) Mali
B) Ghana
C) Sudan
D) Democratic Republic of Congo
  • 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) Reducing international trade
B) Implementing eco-tariffs
C) Increasing local production
D) Diversifying trading partners
  • 16. When did President Barack Obama proclaim World Trade Week in 2016?
A) May 13–19, 2016
B) May 18–24, 2016
C) May 17–23, 2016
D) May 15–21, 2016
  • 17. What is a free trade agreement?
A) An agreement to impose tariffs on all imports
B) An agreement to reduce or eliminate trade barriers
C) An agreement to control currency exchange rates
D) An agreement to restrict all exports
  • 18. What is a relatively minor factor for carbon emissions in food production?
A) Nutrient recycling.
B) Food miles.
C) Water usage.
D) Energy consumption.
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