#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
Which trade barrier involves limitations on the quantity of goods that can be imported?
Tariffs
Quotas
Embargoes
Subsidies
#7
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
#8
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
#9
Which of the following is NOT a trade remedy measure?
Dumping
Countervailing Duties
Anti-dumping Duties
Subsidies
#10
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
#11
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
#12
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
#13
Which trade policy aims to restrict the outflow of domestic currency by limiting imports?
Import Substitution
Export Promotion
Free Trade
Protectionism
#14
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