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International Trade and Business Regulations Quiz

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Which organization oversees international trade agreements and dispute resolutions?

World Trade Organization (WTO)

Explanation

WTO oversees international trade agreements and dispute resolutions.

What does FOB stand for in international trade?

Free on Board

Explanation

FOB stands for Free on Board in international trade.

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

General Agreement on Tariffs and Trade

Explanation

GATT stands for General Agreement on Tariffs and Trade.

Which of the following is NOT a regional trade bloc?

EURO

Explanation

EURO is not a regional trade bloc.

Which of the following is NOT a trade barrier?

Incoterms

Explanation

Incoterms are not a trade barrier.

Which trade barrier involves limitations on the quantity of goods that can be imported?

Quotas

Explanation

Quotas involve limitations on the quantity of imported goods.

What is the purpose of an INCOTERM in international trade?

To specify the delivery terms and responsibilities

Explanation

INCOTERM specifies delivery terms and responsibilities.

What is the purpose of the Harmonized System (HS) code in international trade?

To classify products for customs and statistical purposes

Explanation

HS code classifies products for customs and statistics.

Which of the following is NOT a trade remedy measure?

Subsidies

Explanation

Subsidies are not a trade remedy measure.

#10

Which international organization is responsible for setting accounting standards?

International Financial Reporting Standards (IFRS) Foundation

Explanation

IFRS Foundation sets international accounting standards.

#11

Which international trade theory suggests that countries should specialize in the production of goods they are most efficient at?

Theory of Comparative Advantage

Explanation

Theory of Comparative Advantage suggests specialization in efficient goods.

#12

Under the Most-Favored-Nation principle, what treatment should a country provide to another country?

Treat other countries equally with the best trade terms offered

Explanation

Under MFN, countries treat each other equally with best trade terms.

#13

Which trade policy aims to restrict the outflow of domestic currency by limiting imports?

Import Substitution

Explanation

Import Substitution restricts currency outflow by limiting imports.

#14

Which trade theory suggests that countries should focus on producing goods that require resources they have in abundance?

Heckscher-Ohlin theory

Explanation

Heckscher-Ohlin theory suggests focusing on abundant resources.

International Trade and Business Regulations Quiz

Which organization oversees international trade agreements and dispute resolutions?

What does FOB stand for in international trade?

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

Which of the following is NOT a regional trade bloc?

Which of the following is NOT a trade barrier?

Which trade barrier involves limitations on the quantity of goods that can be imported?

What is the purpose of an INCOTERM in international trade?

What is the purpose of the Harmonized System (HS) code in international trade?

Which of the following is NOT a trade remedy measure?

Which international organization is responsible for setting accounting standards?

Which international trade theory suggests that countries should specialize in the production of goods they are most efficient at?

Under the Most-Favored-Nation principle, what treatment should a country provide to another country?

Which trade policy aims to restrict the outflow of domestic currency by limiting imports?

Which trade theory suggests that countries should focus on producing goods that require resources they have in abundance?

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