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International trade
Contributed by: Grainger
  • 1. What is international trade?
A) Trade between companies in the same country
B) Exchange of goods and services between countries
C) Domestic trade within a country
D) Trade conducted online
  • 2. What is a tariff?
A) An agreement to increase trade
B) A tax on imported goods
C) A restriction on the quantity of goods imported
D) A subsidy for exporting companies
  • 3. Which organization regulates international trade rules?
A) International Monetary Fund (IMF)
B) World Trade Organization (WTO)
C) European Union (EU)
D) United Nations (UN)
  • 4. What is the balance of trade?
A) The tax imposed on imports
B) The total value of goods traded internationally
C) The difference between a country's exports and imports
D) The process of negotiating trade agreements
  • 5. What is the main goal of protectionist trade policies?
A) To promote free trade
B) To lower prices for consumers
C) To protect domestic industries from foreign competition
D) To increase imports
  • 6. Which country is the world's largest exporter?
A) China
B) Germany
C) United States
D) Japan
  • 7. What is the World Trade Organization (WTO) responsible for?
A) Facilitating immigration policies
B) Setting rules for global trade and resolving disputes between countries
C) Providing financial aid to developing 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 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) Better transportation infrastructure.
B) Lower production costs abroad.
C) Higher demand for exotic foods.
D) Regional differences in harvest seasons.
  • 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) The demand for luxury goods.
C) The availability of international shipping routes.
D) Limited studies comparing environmental impact.
  • 11. Which database is known for providing historical documents on international trade?
A) United Nations Commodity Trade Database
B) FRASER (St Louis Fed)
C) MIT Observatory of Economic Complexity
D) Trade Map
  • 12. Which organization provides a portal for OECD trade statistics?
A) Trade Map
B) Statistical Portal: OECD
C) United Nations Commodity Trade Database
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) Mali
C) Democratic Republic of Congo
D) Ghana
  • 14. Which U.S. president first observed World Trade Week in Los Angeles?
A) President George W. Bush
B) The tradition began with the Los Angeles Area Chamber of Commerce in 1927.
C) President Barack Obama
D) President Donald Trump
  • 15. What is unlikely to help reduce resource risks according to the study?
A) Increasing local production
B) Reducing international trade
C) Implementing eco-tariffs
D) Diversifying trading partners
  • 16. When did President Barack Obama proclaim World Trade Week in 2016?
A) May 15–21, 2016
B) May 18–24, 2016
C) May 13–19, 2016
D) May 17–23, 2016
  • 17. What is a free trade agreement?
A) An agreement to restrict all exports
B) An agreement to reduce or eliminate trade barriers
C) An agreement to impose tariffs on all imports
D) An agreement to control currency exchange rates
  • 18. What is a relatively minor factor for carbon emissions in food production?
A) Energy consumption.
B) Food miles.
C) Water usage.
D) Nutrient recycling.
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