#1
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 of the following countries is not a member of the G7?
#5
Which international organization provides financial assistance and technical support to developing countries?
International Monetary Fund (IMF)
World Bank
World Trade Organization (WTO)
United Nations (UN)
#6
What is the term for a situation where a country imports more goods and services than it exports?
Trade surplus
Trade deficit
Balance of payments
Current account surplus
#7
What is the primary objective of the International Monetary Fund (IMF)?
Promoting global economic growth and stability
Facilitating international trade agreements
Ensuring environmental sustainability
Regulating global currency exchange rates
#8
Which international organization regulates trade rules among countries?
World Bank
International Monetary Fund
World Trade Organization
United Nations
#9
What is the primary function of the European Union?
Military cooperation
Economic integration
Cultural preservation
Environmental protection
#10
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
#11
Which of the following is a characteristic of a customs union?
Members have a common external trade policy
Members have no trade barriers between themselves
Members have a common currency
Members have different tariffs on imports from non-members
#12
Which of the following agreements is aimed at reducing greenhouse gas emissions?
Paris Agreement
Kyoto Protocol
Montreal Protocol
Copenhagen Accord
#13
Which of the following is NOT a factor contributing to economic globalization?
Advancements in technology
Reduction in trade barriers
Increase in nationalist policies
Expansion of multinational corporations
#14
Which of the following is an example of a supranational organization?
United Nations
European Union
ASEAN
OPEC
#15
Which of the following is NOT a consequence of economic globalization?
Increased economic interdependence
Cultural homogenization
Rise of protectionist measures
Expansion of labor rights
#16
Which of the following agreements aims to regulate the trade of endangered species and their by-products?
Montreal Protocol
CITES
Kyoto Protocol
Paris Agreement
#17
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
#18
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
#19
What is the term for a situation where a country's currency is deliberately devalued to make its exports cheaper and imports more expensive?
Currency appreciation
Currency depreciation
Currency pegging
Currency manipulation
#20
What term describes the practice of selling goods abroad at a price lower than their cost of production or below their domestic price?
Subsidization
Dumping
Tariffication
Export financing