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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 restriction on the quantity of goods imported
C) A tax on imported goods
D) An agreement to increase trade
  • 3. Which organization regulates international trade rules?
A) World Trade Organization (WTO)
B) United Nations (UN)
C) International Monetary Fund (IMF)
D) European Union (EU)
  • 4. What is the balance of trade?
A) The process of negotiating trade agreements
B) The total value of goods traded internationally
C) The tax imposed on imports
D) The difference between a country's exports and imports
  • 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) United States
B) China
C) Germany
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) Promoting a single global currency
D) Providing financial aid to developing countries
  • 8. What is a free trade agreement?
A) An agreement to reduce or eliminate trade barriers
B) An agreement to restrict all exports
C) An agreement to control currency exchange rates
D) An agreement to impose tariffs on all imports
  • 9. Which U.S. president first observed World Trade Week in Los Angeles?
A) President George W. Bush
B) President Donald Trump
C) President Barack Obama
D) The tradition began with the Los Angeles Area Chamber of Commerce in 1927.
  • 10. When did President Barack Obama proclaim World Trade Week in 2016?
A) May 18–24, 2016
B) May 15–21, 2016
C) May 17–23, 2016
D) May 13–19, 2016
  • 11. 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) Limited studies comparing environmental impact.
D) The availability of international shipping routes.
  • 12. What is a relatively minor factor for carbon emissions in food production?
A) Water usage.
B) Nutrient recycling.
C) Energy consumption.
D) Food miles.
  • 13. What may make it more environmentally friendly to import certain foods?
A) Regional differences in harvest seasons.
B) Lower production costs abroad.
C) Better transportation infrastructure.
D) Higher demand for exotic foods.
  • 14. How can international trade affect local employment according to a 2018 study?
A) It has no effect on local employment.
B) It always decreases local employment.
C) It can increase local employment.
D) It only affects nonmanufacturing sectors.
  • 15. What is unlikely to help reduce resource risks according to the study?
A) Implementing eco-tariffs
B) Reducing international trade
C) Diversifying trading partners
D) Increasing local production
  • 16. Which country imposed taxes only on the first 50 kg of gold exports per month?
A) Democratic Republic of Congo
B) Sudan
C) Ghana
D) Mali
  • 17. Which database is known for providing historical documents on international trade?
A) United Nations Commodity Trade Database
B) MIT Observatory of Economic Complexity
C) Trade Map
D) FRASER (St Louis Fed)
  • 18. Which organization provides a portal for OECD trade statistics?
A) MIT Observatory of Economic Complexity
B) United Nations Commodity Trade Database
C) Statistical Portal: OECD
D) Trade Map
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