Which of the following is an example of a trade barrier?
Free trade agreement
Tariff
Customs union
Economic sanctions
#2
What does NAFTA stand for?
North American Free Trade Agreement
National Association of Federal Trade Agencies
New Agreement for Trade and Finance Alliance
Nordic Agreement for Trade Advancement
#3
What is the name of the agreement that replaced GATT and came into effect in 1995?
Bretton Woods Agreement
Marshall Plan
European Economic Community
World Trade Organization (WTO)
#4
Which international organization regulates trade rules among countries?
World Bank
International Monetary Fund
World Trade Organization
United Nations
#5
What is the primary function of the European Union?
Military cooperation
Economic integration
Cultural preservation
Environmental protection
#6
What is the main purpose of the General Agreement on Tariffs and Trade (GATT)?
To promote environmental conservation
To regulate global currency exchange rates
To reduce barriers to international trade
To establish global immigration policies
#7
Which economic theory suggests that countries should specialize in the production of goods and services they can produce most efficiently and trade with other countries for goods and services they cannot produce as efficiently?
Mercantilism
Economic nationalism
Comparative advantage
Protectionism
#8
What term describes the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology?
Globalization
Economic isolationism
Regionalization
Monetary policy
#9
What is the term for a situation where a country's currency is deliberately devalued to make its exports cheaper and imports more expensive?