Which of the following is NOT a type of international trade?
a) Import trade
b) Export trade
c) Domestic trade
d) Bilateral trade
Answer: c) Domestic trade
Which organization sets the rules for international trade and resolves trade disputes?
a) World Trade Organization (WTO)
b) International Monetary Fund (IMF)
c) United Nations (UN)
d) World Bank
Answer: a) World Trade Organization (WTO)
What is the term used to describe the difference between a country’s exports and imports?
a) Trade deficit
b) Trade surplus
c) Balance of trade
d) Current account
Answer: c) Balance of trade
Which of the following is an example of a tariff barrier to trade?
a) Import quotas
b) Embargoes
c) Subsidies
d) Excise taxes
Answer: d) Excise taxes
What is the term used to describe the removal of trade barriers and the promotion of free trade?
a) Protectionism
b) Tariffs
c) Globalization
d) Deregulation
Answer: c) Globalization
What is the main objective of the General Agreement on Tariffs and Trade (GATT)?
a) To reduce tariffs and other barriers to international trade
b) To promote domestic industries through trade protection measures
c) To regulate international currency exchange rates
d) To provide financial assistance to developing countries
Answer: a) To reduce tariffs and other barriers to international trade
What is the term used to describe the difference between a country’s exports and imports, including both goods and services?
a) Balance of trade
b) Trade surplus
c) Trade deficit
d) Current account
Answer: d) Current account
What is the term used to describe a tax imposed on imported goods to protect domestic industries?
a) Subsidy
b) Excise tax
c) Tariff
d) Quota
Answer: c) Tariff
Which of the following is an example of a non-tariff barrier to trade?
a) Import quotas
b) Embargoes
c) Subsidies
d) Excise taxes
Answer: a) Import quotas
What is the term used to describe a limit on the quantity of a specific product that can be imported?
a) Tariff
b) Subsidy
c) Quota
d) Embargo
Answer: c) Quota
Which of the following is an example of a free trade agreement?
a) North American Free Trade Agreement (NAFTA)
b) European Union (EU)
c) Organization of Petroleum Exporting Countries (OPEC)
d) International Monetary Fund (IMF)
Answer: a) North American Free Trade Agreement (NAFTA)
What is the term used to describe the practice of selling goods below their production cost in a foreign market?
a) Dumping
b) Subsidy
c) Anti-dumping duty
d) Countervailing duty
Answer: a) Dumping
Which organization provides financial assistance and loans to countries for development projects?
a) World Trade Organization (WTO)
b) International Monetary Fund (IMF)
c) United Nations (UN)
d) World Bank
Answer: d) World Bank
What is the term used to describe the act of selling goods and services to another country?
a) Importing
b) Exporting
c) Domestic trade
d) Foreign direct investment
Answer: b) Exporting
What is the term used to describe the value of all goods and services produced within a country in a specific time period?
a) Gross Domestic Product (GDP)
b) Gross National Product (GNP)
c) Trade deficit
d) Trade surplus
Answer: a) Gross Domestic Product (GDP)
Which of the following is an example of a trade barrier imposed by a government to restrict trade?
a) Subsidies to domestic industries
b) Deregulation of markets
c) Promotion of free trade agreements
d) Imposition of import quotas
Answer: d) Imposition of import quotas
What is the term used to describe a situation where a country specializes in producing goods or services in which it has a comparative advantage?
a) Protectionism
b) Import substitution
c) Comparative advantage
d) Absolute advantage
Answer: c) Comparative advantage
Which of the following is an example of a regional trade agreement?
a) World Trade Organization (WTO)
b) North American Free Trade Agreement (NAFTA)
c) International Monetary Fund (IMF)
d) United Nations (UN)
Answer: b) North American Free Trade Agreement (NAFTA)
What is the term used to describe the total value of a country’s exports minus the total value of its imports?
a) Trade deficit
b) Trade surplus
c) Balance of trade
d) Current account balance
Answer: c) Balance of trade
Which of the following is an example of a subsidy?
a) Import quotas
b) Excise taxes
c) Tariffs
d) Government grants to support domestic industries
Answer: d) Government grants to support domestic industries
What is the term used to describe the exchange of goods and services between countries without the imposition of trade barriers?
a) Free trade
b) Protectionism
c) Bilateral trade
d) Multilateral trade
Answer: a) Free trade
Which of the following is an example of a trade agreement aimed at promoting economic integration among member countries?
a) World Trade Organization (WTO)
b) European Union (EU)
c) International Monetary Fund (IMF)
d) World Bank
Answer: b) European Union (EU)
What is the term used to describe the total value of a country’s exports and imports of goods and services?
a) Trade deficit
b) Trade surplus
c) Balance of trade
d) Current account balance
Answer: d) Current account balance
Which of the following is an example of a trade barrier imposed for political reasons?
a) Tariffs
b) Quotas
c) Embargoes
d) Subsidies
Answer: c) Embargoes
What is the term used to describe the total value of all goods and services produced by a country’s residents, regardless of their location?
a) Gross Domestic Product (GDP)
b) Gross National Product (GNP)
c) Trade deficit
d) Trade surplus
Answer: b) Gross National Product (GNP)
Which of the following is an example of a trade barrier imposed through government regulations?
a) Import quotas
b) Embargoes
c) Subsidies
d) Excise taxes
Answer: a) Import quotas
What is the term used to describe the flow of capital, technology, and managerial knowledge between countries?
a) Foreign direct investment
b) Import substitution
c) Comparative advantage
d) Absolute advantage
Answer: a) Foreign direct investment
Which organization provides financial assistance and loans to countries experiencing balance of payments problems?
a) World Trade Organization (WTO)
b) International Monetary Fund (IMF)
c) United Nations (UN)
d) World Bank
Answer: b) International Monetary Fund (IMF)
What is the term used to describe the practice of a country focusing on producing goods or services that it can produce most efficiently?
a) Protectionism
b) Import substitution
c) Comparative advantage
d) Absolute advantage
Answer: d) Absolute advantage
Which of the following is an example of a trade barrier aimed at protecting domestic industries from foreign competition?
a) Quotas
b) Embargoes
c) Subsidies
d) Excise taxes
Answer: c) Subsidies
What is the term used to describe the act of buying goods and services from another country?
a) Importing
b) Exporting
c) Domestic trade
d) Foreign direct investment
Answer: a) Importing
Which of the following is an example of a trade agreement aimed at reducing barriers to trade among member countries?
a) World Trade Organization (WTO)
b) North American Free Trade Agreement (NAFTA)
c) International Monetary Fund (IMF)
d) United Nations (UN)
Answer: b) North American Free Trade Agreement (NAFTA)
What is the term used to describe a situation where a country can produce a good or service at a lower opportunity cost than another country?
a) Protectionism
b) Import substitution
c) Comparative advantage
d) Absolute advantage
Answer: c) Comparative advantage
Which of the following is an example of a trade barrier imposed by a government to protect domestic industries?
a) Tariffs
b) Quotas
c) Embargoes
d) Subsidies
Answer: a) Tariffs
What is the term used to describe a situation where a country can produce more of a good or service with the same amount of resources as another country?
a) Protectionism
b) Import substitution
c) Comparative advantage
d) Absolute advantage
Answer: d) Absolute advantage
Which organization promotes international monetary cooperation and exchange rate stability?
a) World Trade Organization (WTO)
b) International Monetary Fund (IMF)
c) United Nations (UN)
d) World Bank
Answer: b) International Monetary Fund (IMF)
What is the term used to describe a situation where a country can produce a good or service more efficiently than any other country?
a) Protectionism
b) Import substitution
c) Comparative advantage
d) Absolute advantage
Answer: d) Absolute advantage
Which of the following is an example of a trade barrier imposed by a government to restrict the flow of capital?
a) Tariffs
b) Quotas
c) Embargoes
d) Exchange controls
Answer: d) Exchange controls
What is the term used to describe the exchange of goods and services between countries?
a) International trade
b) Domestic trade
c) Bilateral trade
d) Multilateral trade
Answer: a) International trade
Which organization provides financial assistance to countries for balance of payments support and economic development projects?
a) World Trade Organization (WTO)
b) International Monetary Fund (IMF)
c) United Nations (UN)
d) World Bank
Answer: d) World Bank
