#1
Which of the following is a common trade barrier?
Comparative advantage
Tariff
Free trade agreement
Elasticity
#2
What role does the World Trade Organization (WTO) play in settling trade disputes?
Provides financial aid to countries in need
Arbitrates and adjudicates trade disputes between member countries
Regulates global currency exchange rates
Promotes protectionism
#3
Which organization is responsible for issuing a country's currency and regulating its money supply?
International Monetary Fund (IMF)
World Bank
Central bank
World Trade Organization (WTO)
#4
Which economic concept refers to the total value of goods and services produced by a country in a specific time period?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Balance of payments
Inflation rate
#5
Which economic term describes a situation where a country exports more than it imports, resulting in a surplus in the balance of trade?
Trade deficit
Current account deficit
Trade surplus
Budget deficit
#6
What does the term 'balance of trade' refer to?
Total value of exports
Difference between exports and imports
Total value of imports
Exchange rate
#7
Which international organization facilitates negotiations on trade issues?
United Nations
World Trade Organization (WTO)
International Monetary Fund (IMF)
World Bank
#8
What is the purpose of a trade deficit in international economics?
To increase domestic production
To promote exports
To attract foreign investment
To maintain a favorable balance of payments
#9
Which economic concept refers to the total value of a country's exports minus the total value of its imports?
Trade surplus
Balance of payments
Current account
Trade deficit
#10
What is the primary purpose of the General Agreement on Tariffs and Trade (GATT)?
Promote environmental sustainability
Facilitate international cooperation on health issues
Reduce trade barriers and promote free trade
Address global poverty
#11
What is the concept of 'comparative advantage' in international trade?
Countries producing the same goods
Specialization in producing goods with the lowest opportunity cost
Promoting domestic industries
Equal distribution of resources
#12
Which economic theory advocates minimizing government intervention in international trade?
Mercantilism
Keynesian economics
Classical liberalism
Marxism
#13
In the context of international trade, what does the term 'dumping' mean?
Exporting goods at a price lower than their production cost
Increasing tariffs on imports
Promoting fair competition
Encouraging free trade
#14
Which agreement aims to reduce trade barriers and promote economic integration among North American countries?
European Union (EU)
ASEAN Free Trade Area (AFTA)
North American Free Trade Agreement (NAFTA)
Commonwealth of Independent States (CIS)
#15
Which economic term refers to the situation where a country specializes in producing goods for which it has a lower opportunity cost?
Absolute advantage
Comparative advantage
Opportunity cost advantage
Specialization advantage