Globalization and International Economic Relations Quiz

Globalization is the integration of economies and societies across the world.

The World Trade Organization oversees international trade rules.

Globalization typically involves an increase, not a decrease, in cultural exchange.

The IMF's primary goal is to ensure stability in the global monetary system.

Import quotas restrict the quantity of goods that can be imported, serving as a non-tariff barrier.

The World Bank primarily provides financial aid for development projects in developing countries.

Trade surplus refers to the excess of exports over imports in a country.

Comparative advantage theory advocates for countries to specialize in producing goods with the lowest opportunity cost.

GDP represents the total value of goods and services produced within a country's borders.

Trade protectionism aims to shield domestic industries from foreign competition.

China is frequently regarded as the largest exporter of goods globally.

Trading blocs are formed to foster economic integration and cooperation among member countries.

Trade liberalization involves reducing or removing trade barriers between countries.

The Paris Agreement aims to mitigate climate change by reducing greenhouse gas emissions.

The Food and Agriculture Organization sets standards for food safety and quality globally.

Dumping involves selling products below production cost to capture market share.

The World Trade Organization resolves disputes between member countries concerning international trade agreements.