#1
Which of the following is not a member of the World Trade Organization (WTO)?
China
Russia
India
United States
#2
What does NAFTA stand for?
North Atlantic Free Trade Agreement
North American Free Trade Agreement
National Association of Fair Trade Alliances
New Agreement for Trade Facilitation and Assistance
#3
What is the term used to describe the difference between a country's exports and imports?
Trade deficit
Trade surplus
Balance of payments
Current account
#4
What is a 'trade barrier'?
A government policy that promotes free trade
A restriction imposed on the flow of goods and services between countries
An international trade agreement
A financial instrument used in international trade transactions
#5
What is the term for the total value of a country's exports minus the total value of its imports over a certain period?
Gross Domestic Product (GDP)
Current Account Balance
Balance of Trade
Budget Deficit
#6
What is the primary goal of the World Bank?
To promote economic development by providing financial and technical assistance to developing countries
To regulate international trade and resolve disputes between member countries
To establish and enforce international standards for labor practices
To stabilize global currency exchange rates
#7
What does FDI stand for in the context of global trade and investment?
Foreign Direct Investment
Free Domestic Investment
Financial Development Index
Foreign Debt Incurrence
#8
Which country is the world's largest exporter of goods?
United States
Germany
China
Japan
#9
What is the IMF's primary function in global trade?
Promotion of fair trade practices
Providing financial assistance to developing countries
Regulating global currency exchange rates
Facilitating international trade negotiations
#10
Which agreement eliminated most tariffs on trade between Canada, Mexico, and the United States?
ASEAN Free Trade Area (AFTA)
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
Transatlantic Trade and Investment Partnership (TTIP)
United States-Mexico-Canada Agreement (USMCA)
#11
Which organization sets international standards for the classification of goods in international trade?
International Monetary Fund (IMF)
World Bank
World Trade Organization (WTO)
World Customs Organization (WCO)
#12
Which international organization is responsible for facilitating global monetary cooperation and exchange rate stability?
World Trade Organization (WTO)
International Monetary Fund (IMF)
World Bank
Organization for Economic Cooperation and Development (OECD)
#13
Which trade theory suggests that countries should specialize in producing goods they have a comparative advantage in and then trade for goods produced by other countries?
Heckscher-Ohlin model
Mercantilism
Comparative advantage theory
New trade theory
#14
What is the main purpose of the General Agreement on Tariffs and Trade (GATT)?
To promote environmental protection through international trade
To reduce barriers to international trade and regulate trade agreements
To provide financial assistance to developing countries
To regulate international shipping and maritime trade
#15
What is the concept of 'dumping' in international trade?
Selling goods abroad at a higher price than in the domestic market
Selling goods abroad at a lower price than in the domestic market
Exchanging goods without tariffs or duties
Selling goods only in bulk quantities
#16
Which country is known for its practice of 'mercantilism' in historical global trade?
United States
United Kingdom
France
China