#1
Which organization oversees international trade agreements and dispute resolutions?
World Bank
World Trade Organization (WTO)
International Monetary Fund (IMF)
United Nations (UN)
#2
What does FOB stand for in international trade?
Freight on Board
Free on Board
Foreign Order Business
Forward Order Brokerage
#3
What does GATT stand for in the context of international trade?
General Agreement on Tariffs and Trade
Global Alliance for Trade and Technology
Global Association of Trade Treaties
Generalized Agreement on Trade Terms
#4
Which of the following is NOT a regional trade bloc?
#5
Which of the following is NOT a trade barrier?
Quotas
Tariffs
Embargoes
Incoterms
#6
What is the main goal of a trade agreement?
To promote domestic industries
To increase import tariffs
To facilitate trade between countries
To restrict foreign investment
#7
Which of the following is a characteristic of a free trade agreement (FTA)?
Imposes tariffs and quotas on trade between member countries
Promotes trade liberalization by reducing or eliminating trade barriers
Only allows trade within a specific region or bloc
Requires member countries to adopt a common currency
#8
What is the primary purpose of a preferential trade agreement (PTA)?
To impose tariffs and quotas on trade between member countries
To provide preferential treatment to certain countries or products
To restrict trade to specific regions or blocs
To require member countries to adopt a common currency
#9
Which trade barrier involves limitations on the quantity of goods that can be imported?
Tariffs
Quotas
Embargoes
Subsidies
#10
What is the purpose of an INCOTERM in international trade?
To specify the payment terms between buyer and seller
To specify the delivery terms and responsibilities
To determine the insurance coverage during transit
To specify the quality standards of goods
#11
What is the purpose of the Harmonized System (HS) code in international trade?
To classify products for customs and statistical purposes
To determine the value-added tax (VAT) rate
To regulate foreign exchange rates
To enforce trade embargoes
#12
Which of the following is NOT a trade remedy measure?
Dumping
Countervailing Duties
Anti-dumping Duties
Subsidies
#13
Which international organization is responsible for setting accounting standards?
World Bank
International Monetary Fund (IMF)
World Trade Organization (WTO)
International Financial Reporting Standards (IFRS) Foundation
#14
What is the purpose of the International Chamber of Commerce (ICC) in international trade?
To regulate international currency exchange rates
To establish global trade agreements
To provide arbitration and dispute resolution services
To monitor environmental regulations
#15
What is the primary purpose of a Letter of Credit (LC) in international trade?
To provide a guarantee of payment to the buyer
To specify the quality standards of goods
To determine the mode of transportation
To assess import duties and taxes
#16
What is the primary purpose of a Certificate of Origin in international trade?
To certify the authenticity of the goods
To determine the value-added tax (VAT) rate
To provide insurance coverage during transit
To specify the country where the goods originated
#17
What is the primary purpose of a Bill of Lading in international trade?
To specify the payment terms between buyer and seller
To certify the origin of goods
To serve as a receipt for goods shipped
To determine import duties and taxes
#18
Which international organization focuses on labor standards and workers' rights in global trade?
World Trade Organization (WTO)
International Labour Organization (ILO)
United Nations Conference on Trade and Development (UNCTAD)
International Monetary Fund (IMF)
#19
What is Dumping in the context of international trade?
Selling goods abroad at a lower price than in the domestic market
Imposing high tariffs on imported goods
Subsidizing domestic industries to encourage exports
Regulating the export of certain goods
#20
Which of the following is an example of a non-tariff barrier to trade?
Import duty
Embargo
Quota
Product standards and regulations
#21
What does the acronym CPTPP stand for in international trade?
Comprehensive Partnership for Trans-Pacific Partnership
Comprehensive and Progressive Agreement for Trans-Pacific Partnership
Cooperative Partnership for Trans-Pacific Partnership
Consolidated Partnership for Trans-Pacific Partnership
#22
Which international trade theory suggests that countries should specialize in the production of goods they are most efficient at?
Theory of Comparative Advantage
Mercantilism
Absolute Advantage Theory
Balance of Trade Theory
#23
Under the Most-Favored-Nation principle, what treatment should a country provide to another country?
Provide preferential treatment in trade agreements
Impose higher tariffs and trade barriers
Treat other countries equally with the best trade terms offered
Exclude other countries from trade negotiations
#24
Which trade policy aims to restrict the outflow of domestic currency by limiting imports?
Import Substitution
Export Promotion
Free Trade
Protectionism
#25
Which trade theory suggests that countries should focus on producing goods that require resources they have in abundance?
Mercantilism
Heckscher-Ohlin theory
Absolute advantage theory
Comparative advantage theory