#1
Which of the following is an example of a trade barrier?
Free trade agreement
Import quota
Trade surplus
Comparative advantage
#2
What does GDP stand for in economics?
Gross Domestic Product
Gross Domestic Profit
Global Domestic Production
General Development Policy
#3
Which term describes the situation where a country's exports are less than its imports?
Trade equilibrium
Trade surplus
Trade deficit
Trade liberalization
#4
What is the primary function of the World Trade Organization (WTO)?
To provide financial aid to developing countries
To promote environmental sustainability
To establish international trade rules and resolve disputes
To regulate global currency exchange rates
#5
Which of the following is NOT a potential benefit of international trade?
Increased variety of goods and services
Lower prices for consumers
Increased job opportunities in domestic industries
Enhanced economic growth and development
#6
Which economic concept suggests that a country should specialize in producing goods it can produce most efficiently?
Balance of trade
Protectionism
Absolute advantage
Trade deficit
#7
What is the term for a situation where a country exports more goods and services than it imports?
Trade surplus
Trade deficit
Trade barrier
Trade liberalization
#8
What is the main purpose of tariffs in international trade?
To encourage free trade
To increase government revenue
To reduce consumer prices
To promote imports
#9
Which economic theory suggests that a country should focus on producing goods with lower opportunity costs compared to other countries?
Comparative advantage
Protectionism
Absolute advantage
Trade liberalization
#10
What does FDI stand for in the context of international economics?
Foreign Development Index
Foreign Domestic Investment
Foreign Direct Investment
Foreign Diplomatic Initiative
#11
Which international organization sets rules for global trade and settles disputes between countries?
World Bank
International Monetary Fund (IMF)
World Trade Organization (WTO)
United Nations (UN)
#12
In the context of international trade, what is dumping?
Selling goods below production cost in foreign markets
Trading goods without government regulation
Exporting goods with high tariffs
Investing heavily in foreign markets
#13
Which economic concept refers to the situation where a country's currency is intentionally devalued to make exports cheaper and imports more expensive?
Currency appreciation
Currency stabilization
Currency depreciation
Currency manipulation
#14
Which international organization is responsible for providing loans to countries facing balance-of-payments problems?
World Bank
International Monetary Fund (IMF)
World Trade Organization (WTO)
United Nations (UN)