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International Trade Economics Quiz

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Which of the following is a common trade barrier?

Tariff

Explanation

Tax on imported goods

What role does the World Trade Organization (WTO) play in settling trade disputes?

Arbitrates and adjudicates trade disputes between member countries

Explanation

Dispute resolution

Which organization is responsible for issuing a country's currency and regulating its money supply?

Central bank

Explanation

Monetary policy control

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)

Explanation

Economic output measure

Which economic term describes a situation where a country exports more than it imports, resulting in a surplus in the balance of trade?

Trade surplus

Explanation

Positive trade balance

What does the term 'balance of trade' refer to?

Difference between exports and imports

Explanation

Net value of exports and imports

Which international organization facilitates negotiations on trade issues?

World Trade Organization (WTO)

Explanation

Mediates trade disputes

What is the purpose of a trade deficit in international economics?

To attract foreign investment

Explanation

Capital inflow

Which economic concept refers to the total value of a country's exports minus the total value of its imports?

Trade deficit

Explanation

Negative trade balance

#10

What is the primary purpose of the General Agreement on Tariffs and Trade (GATT)?

Reduce trade barriers and promote free trade

Explanation

Trade liberalization

#11

What is the concept of 'comparative advantage' in international trade?

Specialization in producing goods with the lowest opportunity cost

Explanation

Producing goods efficiently

#12

Which economic theory advocates minimizing government intervention in international trade?

Classical liberalism

Explanation

Free market principles

#13

In the context of international trade, what does the term 'dumping' mean?

Exporting goods at a price lower than their production cost

Explanation

Unfair competition

#14

Which agreement aims to reduce trade barriers and promote economic integration among North American countries?

North American Free Trade Agreement (NAFTA)

Explanation

Regional trade pact

#15

Which economic term refers to the situation where a country specializes in producing goods for which it has a lower opportunity cost?

Comparative advantage

Explanation

Efficiency in production

International Trade Economics Quiz

Which of the following is a common trade barrier?

What role does the World Trade Organization (WTO) play in settling trade disputes?

Which organization is responsible for issuing a country's currency and regulating its money supply?

Which economic concept refers to the total value of goods and services produced by a country in a specific time period?

Which economic term describes a situation where a country exports more than it imports, resulting in a surplus in the balance of trade?

What does the term 'balance of trade' refer to?

Which international organization facilitates negotiations on trade issues?

What is the purpose of a trade deficit in international economics?

Which economic concept refers to the total value of a country's exports minus the total value of its imports?

What is the primary purpose of the General Agreement on Tariffs and Trade (GATT)?

What is the concept of 'comparative advantage' in international trade?

Which economic theory advocates minimizing government intervention in international trade?

In the context of international trade, what does the term 'dumping' mean?

Which agreement aims to reduce trade barriers and promote economic integration among North American countries?

Which economic term refers to the situation where a country specializes in producing goods for which it has a lower opportunity cost?

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