International Trade and Business Partnerships Quiz

Explore questions on trade agreements, economic theories, and international organizations. Check your understanding of global commerce!

#1

Which of the following is a trade agreement among Canada, Mexico, and the United States?

NAFTA
ASEAN
EU
SAARC
#2

What does FTA stand for in the context of international trade?

Free Trade Association
Foreign Trade Agreement
Free Trade Agreement
Foreign Trade Association
#3

Which term refers to a tax imposed on imported goods and services?

Excise duty
Value-added tax
Income tax
Tariff
#4

Which of the following is a trade barrier that restricts the quantity of a good that can be imported?

Tariff
Quota
Embargo
Subsidy
#5

Which term describes a situation where a country sells more goods and services to other countries than it buys from them?

Trade deficit
Trade surplus
Balance of payments
Current account balance
#6

Which organization sets the rules for international trade and resolves disputes between its member countries?

WTO
IMF
World Bank
UNESCO
#7

What is the economic theory that suggests countries should specialize in the production of goods and services they can produce most efficiently?

Comparative advantage
Absolute advantage
Opportunity cost
Supply and demand
#8

Which international organization aims to promote economic cooperation and development among its member countries?

OECD
OPEC
UNICEF
WHO
#9

What is the name of the principle that states a country should not produce a good if another country can produce it more efficiently?

Principle of comparative advantage
Principle of absolute advantage
Principle of balanced trade
Principle of opportunity cost
#10

In international trade, what does the acronym GATT stand for?

Global Agreement on Tariffs and Trade
General Agreement on Trade and Tariffs
General Agreement on Tariffs and Trade
Global Agreement on Trade and Tariffs
#11

Which term refers to the total value of a country's exports minus the total value of its imports?

Trade deficit
Trade surplus
Balance of payments
Current account balance

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