#1
Which of the following is an example of a tariff?
Tax on imported steel
ExplanationTariff: tax on imported goods
#2
What does the term 'protectionism' refer to in international trade?
Use of tariffs and quotas to protect domestic industries
ExplanationProtectionism: use of tariffs and quotas
#3
What is the term for a tax or duty levied on imported goods?
Tariff
ExplanationTariff: tax on imports
#4
Which of the following is NOT a form of trade barrier?
Currency exchange rate
ExplanationCurrency exchange rate: not a trade barrier
#5
What is the term for a government payment to a domestic producer to reduce costs and encourage production?
Subsidy
ExplanationSubsidy: payment to reduce costs
#6
Which of the following is an example of a voluntary trade barrier?
Import quota
ExplanationVoluntary trade barrier: import quota
#7
Which organization oversees international trade agreements and dispute resolutions?
World Trade Organization (WTO)
ExplanationWTO: oversees trade agreements
#8
What is a non-tariff barrier to trade?
Health and safety regulations
ExplanationNon-tariff barrier: regulations
#9
What is the term for an agreement between countries to reduce or eliminate trade barriers?
Free trade agreement
ExplanationFree trade agreement: reduces barriers
#10
Which of the following is an example of a trade barrier?
Customs union
ExplanationTrade barrier: customs union
#11
What is the primary purpose of a trade agreement?
To promote free trade between countries
ExplanationTrade agreement: promotes free trade
#12
Which of the following organizations provides financial assistance to developing countries for trade-related projects?
World Bank
ExplanationWorld Bank: aids developing countries
#13
What is the purpose of a trade embargo?
To restrict trade with a particular country
ExplanationTrade embargo: restricts trade
#14
What is a common argument against protectionism?
It leads to higher consumer prices
ExplanationProtectionism leads to higher prices
#15
Which country is known for its significant use of non-tariff barriers in trade?
China
ExplanationChina: significant non-tariff barriers
#16
What is a key feature of a customs union?
It imposes tariffs on imports from non-member countries
ExplanationCustoms union imposes tariffs
#17
What is a common argument in favor of protectionism?
It prevents domestic job losses
ExplanationProtectionism prevents job losses
#18
Which of the following is an example of a trade promotion strategy?
Signing free trade agreements
ExplanationTrade promotion: signs free trade agreements