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International trade
Contributed by: Grainger
  • 1. What is international trade?
A) Trade between companies in the same country
B) Domestic trade within a country
C) Trade conducted online
D) Exchange of goods and services between countries
  • 2. What is a tariff?
A) A subsidy for exporting companies
B) An agreement to increase trade
C) A restriction on the quantity of goods imported
D) A tax on imported goods
  • 3. Which organization regulates international trade rules?
A) International Monetary Fund (IMF)
B) World Trade Organization (WTO)
C) United Nations (UN)
D) European Union (EU)
  • 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 protect domestic industries from foreign competition
B) To increase imports
C) To promote free trade
D) To lower prices for consumers
  • 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) Promoting a single global currency
B) Providing financial aid to developing countries
C) Setting rules for global trade and resolving disputes between countries
D) Facilitating immigration policies
  • 8. How can international trade affect local employment according to a 2018 study?
A) It always decreases local employment.
B) It can increase 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) Higher demand for exotic foods.
C) Regional differences in harvest seasons.
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 Which database is known for providing historical documents on international trade?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) United Nations Commodity Trade Database
B) FRASER (St Louis Fed)
C) Trade Map
D) MIT Observatory of Economic Complexity
  • 12. Which organization provides a portal for OECD trade statistics?
A) MIT Observatory of Economic Complexity
B) Statistical Portal: OECD
C) United Nations Commodity Trade Database
D) Trade Map
  • 13. Which country imposed taxes only on the first 50 kg of gold exports per month?
A) Democratic Republic of Congo
B) Mali
C) Sudan
D) Ghana
  • 14. Which U.S. president first observed World Trade Week in Los Angeles?
A) President George W. Bush
B) President Barack Obama
C) President Donald Trump
D) The tradition began with the Los Angeles Area Chamber of Commerce in 1927.
  • 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 15–21, 2016
D) May 17–23, 2016
  • 17. What is a free trade agreement?
A) An agreement to restrict all exports
B) An agreement to impose tariffs on all imports
C) An agreement to control currency exchange rates
D) An agreement to reduce or eliminate trade barriers
  • 18. What is a relatively minor factor for carbon emissions in food production?
A) Water usage.
B) Energy consumption.
C) Food miles.
D) Nutrient recycling.
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