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International Trade and Economic Efficiency Quiz

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Which of the following is a barrier to international trade?

Tariffs

Explanation

Tax on imports

What does GDP stand for?

Gross Domestic Product

Explanation

Total value of goods and services produced within a country

Which organization sets the rules for international trade?

World Trade Organization

Explanation

Global trade regulations

What is a trade surplus?

When a country exports more than it imports

Explanation

Positive balance of trade

What is the term for a tax imposed on imports?

Tariff

Explanation

Import duty

Which economic theory advocates for government intervention in trade to protect domestic industries?

Protectionism

Explanation

Economic nationalism

Which of the following is a benefit of international trade?

Increased competition

Explanation

Leads to efficiency and innovation

What is a trade deficit?

When a country imports more than it exports

Explanation

Negative balance of trade

Which of the following is an example of a non-tariff barrier to trade?

Import quotas

Explanation

Restriction on import quantities

#10

What is the main purpose of a trade agreement?

To promote international cooperation

Explanation

Facilitate trade relations

#11

What does NAFTA stand for?

North American Free Trade Agreement

Explanation

Trade pact in North America

#12

Which term refers to the difference between a country's exports and imports?

Balance of payments

Explanation

Net trade position

#13

Which economic theory suggests that a nation should specialize in the production of goods and services that it can produce most efficiently?

Comparative advantage

Explanation

Efficiency-based specialization

#14

Which factor does NOT typically influence comparative advantage?

Government regulations

Explanation

Outside of market forces

#15

What is the term for the practice of selling goods abroad at a price below their cost of production?

Dumping

Explanation

Predatory pricing strategy

#16

Which international organization is responsible for promoting economic cooperation and development among member countries?

Organization for Economic Cooperation and Development (OECD)

Explanation

Economic policy forum

#17

Which of the following is NOT a reason why countries engage in international trade?

To minimize economic growth

Explanation

Counterproductive economic strategy

International Trade and Economic Efficiency Quiz

Which of the following is a barrier to international trade?

What does GDP stand for?

Which organization sets the rules for international trade?

What is a trade surplus?

What is the term for a tax imposed on imports?

Which economic theory advocates for government intervention in trade to protect domestic industries?

Which of the following is a benefit of international trade?

What is a trade deficit?

Which of the following is an example of a non-tariff barrier to trade?

What is the main purpose of a trade agreement?

What does NAFTA stand for?

Which term refers to the difference between a country's exports and imports?

Which economic theory suggests that a nation should specialize in the production of goods and services that it can produce most efficiently?

Which factor does NOT typically influence comparative advantage?

What is the term for the practice of selling goods abroad at a price below their cost of production?

Which international organization is responsible for promoting economic cooperation and development among member countries?

Which of the following is NOT a reason why countries engage in international trade?

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