#1
Which of the following best defines globalization?
The process of countries becoming more self-sufficient
The process of integrating economies and societies globally
The process of reducing international trade
The process of isolating countries from global influences
#2
Which organization is primarily responsible for overseeing international trade rules?
World Bank
International Monetary Fund
World Trade Organization
United Nations
#3
Which of the following is not a characteristic of globalization?
Increased interconnectedness
Rise of multinational corporations
Decrease in cultural exchange
Greater movement of goods, capital, and people
#4
What is the primary purpose of the International Monetary Fund (IMF)?
To provide loans to developing countries for infrastructure projects
To promote international trade and reduce trade barriers
To maintain stability in the international monetary system
To facilitate cultural exchanges among member nations
#5
Which of the following is an example of a non-tariff barrier to trade?
Import quotas
Export subsidies
Ad valorem tariffs
Embargoes
#6
What is the main function of the World Bank?
Promoting international trade
Providing financial assistance for development projects
Setting global monetary policy
Enforcing trade agreements
#7
What is the term for the total value of a country's exports minus its imports?
Trade deficit
Trade surplus
Balance of payments
Current account
#8
Which economic theory suggests that a country should specialize in producing goods for which it has the lowest opportunity cost?
Comparative advantage theory
Absolute advantage theory
Mercantilism
Protectionism
#9
Which term refers to the total value of goods and services produced by a country in a given year?
Gross National Product (GNP)
Gross Domestic Product (GDP)
Net Exports
Consumer Price Index (CPI)
#10
What is the primary goal of trade protectionism?
To promote free trade agreements
To increase competition in domestic markets
To protect domestic industries from foreign competition
To encourage outsourcing of jobs
#11
Which country is often considered the world's largest exporter of goods?
United States
China
Germany
Japan
#12
What is the primary reason behind the formation of trading blocs?
To encourage competition among member countries
To reduce political tensions
To promote economic integration and cooperation
To restrict trade with non-member countries
#13
What is the term for the process by which a country lowers or eliminates trade barriers with other nations?
Protectionism
Sanction
Trade liberalization
Tariff
#14
Which international agreement aims to reduce greenhouse gas emissions and combat climate change?
Paris Agreement
Kyoto Protocol
Montreal Protocol
Copenhagen Accord
#15
Which international organization is responsible for setting standards for the safety and quality of food and agricultural products?
World Trade Organization
Food and Agriculture Organization
International Organization for Standardization
World Health Organization
#16
Which term refers to the process of selling goods or services below their production cost to gain market share?
Dumping
Subsidizing
Bartering
Monopolizing
#17
Which organization is responsible for settling disputes between member countries related to international trade agreements?
International Court of Justice
United Nations Security Council
World Trade Organization
International Criminal Court