Global Trade and Economic Relations Quiz

Russia is not a member of the WTO.

NAFTA stands for North American Free Trade Agreement.

Trade deficit is the difference between a country's exports and imports.

A 'trade barrier' is a restriction imposed on the flow of goods and services between countries.

Balance of Trade is the total value of a country's exports minus imports over a certain period.

The primary goal of the World Bank is to promote economic development by providing financial and technical assistance to developing countries.

FDI stands for Foreign Direct Investment in the context of global trade and investment.

China is the world's largest exporter of goods.

The IMF's primary function is to provide financial assistance to developing countries.

USMCA eliminated most tariffs on trade between Canada, Mexico, and the United States.

WCO sets international standards for the classification of goods in international trade.

The IMF is responsible for facilitating global monetary cooperation and exchange rate stability.

Comparative advantage theory suggests countries should specialize in producing goods they have a comparative advantage in and then trade.

The main purpose of GATT is to reduce barriers to international trade and regulate trade agreements.

'Dumping' is selling goods abroad at a lower price than in the domestic market.

The United Kingdom is known for its practice of 'mercantilism' in historical global trade.