#1
Which of the following is not a benefit of international trade?
Increased competition
Access to a wider variety of goods and services
Limited market size
Economic growth
#2
What does GDP stand for?
Gross Domestic Product
Global Demand and Production
General Distribution Process
Government Development Plan
#3
Which of the following is not a major regional trade bloc?
#4
What does FDI stand for in the context of international business?
Foreign Direct Investment
Free Development Index
Future Dividend Income
Fixed Development Infrastructure
#5
In international trade, what does FOB stand for?
Free On Board
Freight On Board
For Orders Bound
Forward On Business
#6
Which of the following is a trade barrier?
Subsidies
Tariffs
Free trade agreements
Comparative advantage
#7
What is the purpose of the World Trade Organization (WTO)?
To promote unilateral trade policies
To enforce environmental regulations
To resolve trade disputes
To regulate national currencies
#8
What is the main purpose of a trade surplus?
To boost domestic consumption
To reduce government spending
To increase foreign reserves
To lower inflation rates
#9
What is the term for the value of a country's exports minus its imports?
Trade deficit
Balance of payments
Trade surplus
Net exports
#10
What is the balance of trade?
The difference between exports and imports
The total value of a country's exports
The total value of a country's imports
The total value of a country's imports minus its exports
#11
Which of the following is an example of a non-tariff barrier to trade?
Import quotas
Value-added tax (VAT)
Embargoes
Customs duties
#12
Which of the following is a characteristic of absolute advantage in international trade?
It relies on the principle of opportunity cost
It is based on the ability to produce a good more efficiently than other countries
It results in mutual benefit for trading partners
It necessitates perfect competition in markets
#13
What is the main objective of import quotas?
To limit the quantity of imported goods
To encourage domestic production
To promote free trade
To reduce government revenue
#14
Which organization administers the North American Free Trade Agreement (NAFTA)?
United Nations
World Trade Organization (WTO)
International Monetary Fund (IMF)
Trade Representative of the United States
#15
What is Dumping in the context of international trade?
Selling goods in foreign markets at a lower price than in the domestic market
A trade barrier imposed by governments
A type of subsidy provided to exporters
A form of currency manipulation