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International Trade and Cultural Influence Quiz

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Which international organization promotes free trade by reducing trade barriers and negotiating trade agreements?

WTO

Explanation

WTO promotes free trade by reducing barriers and negotiating agreements.

In international trade, what does the term 'dumping' refer to?

Exporting goods below cost to gain market share

Explanation

Dumping is exporting goods below cost to acquire market share.

Which international trade organization focuses on promoting economic integration and cooperation among European countries?

Explanation

EU focuses on promoting economic integration and cooperation among European countries.

What is the term for a policy that restricts the quantity of certain goods that can be imported into a country?

Quota

Explanation

A quota is a policy restricting the quantity of specific goods imported into a country.

Which international organization is primarily focused on coordinating policies related to oil production and stabilization of oil prices?

OPEC

Explanation

OPEC primarily focuses on coordinating policies related to oil production and stabilizing oil prices.

What is the term for a situation where a country exports more goods than it imports, resulting in a surplus?

Trade surplus

Explanation

Trade surplus occurs when a country exports more than it imports, leading to a surplus of goods.

Which economic theory suggests that a country should specialize in producing goods it can produce most efficiently, and trade with other countries for goods it cannot produce efficiently?

Comparative advantage

Explanation

Comparative advantage theory advocates for specializing in efficient production and trading for goods produced less efficiently.

Which agreement, signed by multiple countries, aims to reduce greenhouse gas emissions and combat climate change?

Paris Agreement

Explanation

Paris Agreement involves multiple countries aiming to reduce greenhouse gas emissions and address climate change.

What is the primary function of the International Monetary Fund (IMF)?

Providing financial assistance to countries in need

Explanation

IMF's primary role is providing financial assistance to countries in need.

#10

What is the term for a situation where a country imports more goods than it exports, resulting in a deficit?

Trade deficit

Explanation

Trade deficit occurs when a country imports more goods than it exports, leading to a deficit.

#11

Which organization provides a forum for member countries to discuss and coordinate economic policies to ensure stability and growth?

IMF

Explanation

IMF provides a forum for member countries to discuss and coordinate economic policies for stability and growth.

#12

Which cultural influence theory suggests that cultures can coexist without one dominating the others, allowing for mutual respect and understanding?

Cultural relativism

Explanation

Cultural relativism suggests cultures can coexist without dominance, fostering mutual respect and understanding.

#13

What is the name for a tax imposed on imported goods to make them more expensive and protect domestic industries?

Tariff

Explanation

A tariff is a tax on imported goods, making them costlier and safeguarding domestic industries.

#14

Which cultural influence theory emphasizes the role of media and communication in spreading a country's culture globally?

Cultural imperialism

Explanation

Cultural imperialism theory highlights media and communication's role in global spread of a country's culture.

#15

Which trade theory suggests that countries should focus on industries where they have a comparative advantage and import goods they can produce less efficiently?

Heckscher-Ohlin theory

Explanation

Heckscher-Ohlin theory advises focusing on industries with comparative advantage and importing less efficiently produced goods.

#16

What term is used to describe a situation where a country's currency is deliberately devalued to make its exports more competitive?

Currency devaluation

Explanation

Currency devaluation is intentionally lowering a country's currency value to enhance export competitiveness.

#17

In the context of cultural influence, what does 'cultural hybridity' refer to?

A blending of different cultural elements

Explanation

Cultural hybridity refers to the blending of different cultural elements.

#18

Which trade theory suggests that the factor proportions (such as labor and capital) determine a country's comparative advantage?

Heckscher-Ohlin theory

Explanation

Heckscher-Ohlin theory posits that factor proportions like labor and capital determine a country's comparative advantage.

#19

Which economic theory argues that a country should protect its domestic industries by imposing tariffs and quotas on imports?

Protectionism

Explanation

Protectionism argues for protecting domestic industries with tariffs and import quotas.

International Trade and Cultural Influence Quiz

Which international organization promotes free trade by reducing trade barriers and negotiating trade agreements?

In international trade, what does the term 'dumping' refer to?

Which international trade organization focuses on promoting economic integration and cooperation among European countries?

What is the term for a policy that restricts the quantity of certain goods that can be imported into a country?

Which international organization is primarily focused on coordinating policies related to oil production and stabilization of oil prices?

What is the term for a situation where a country exports more goods than it imports, resulting in a surplus?

Which economic theory suggests that a country should specialize in producing goods it can produce most efficiently, and trade with other countries for goods it cannot produce efficiently?

Which agreement, signed by multiple countries, aims to reduce greenhouse gas emissions and combat climate change?

What is the primary function of the International Monetary Fund (IMF)?

What is the term for a situation where a country imports more goods than it exports, resulting in a deficit?

Which organization provides a forum for member countries to discuss and coordinate economic policies to ensure stability and growth?

Which cultural influence theory suggests that cultures can coexist without one dominating the others, allowing for mutual respect and understanding?

What is the name for a tax imposed on imported goods to make them more expensive and protect domestic industries?

Which cultural influence theory emphasizes the role of media and communication in spreading a country's culture globally?

Which trade theory suggests that countries should focus on industries where they have a comparative advantage and import goods they can produce less efficiently?

What term is used to describe a situation where a country's currency is deliberately devalued to make its exports more competitive?

In the context of cultural influence, what does 'cultural hybridity' refer to?

Which trade theory suggests that the factor proportions (such as labor and capital) determine a country's comparative advantage?

Which economic theory argues that a country should protect its domestic industries by imposing tariffs and quotas on imports?

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