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International trade - Quiz
Contributed by: Grainger
  • 1. What is international trade?
A) Domestic trade within a country
B) Trade conducted online
C) Exchange of goods and services between countries
D) Trade between companies in the same country
  • 2. What is a tariff?
A) A restriction on the quantity of goods imported
B) A tax on imported goods
C) A subsidy for exporting companies
D) An agreement to increase trade
  • 3. Which organization regulates international trade rules?
A) United Nations (UN)
B) European Union (EU)
C) World Trade Organization (WTO)
D) International Monetary Fund (IMF)
  • 4. What is the balance of trade?
A) The process of negotiating trade agreements
B) The total value of goods traded internationally
C) The tax imposed on imports
D) The difference between a country's exports and imports
  • 5. What is the main goal of protectionist trade policies?
A) To lower prices for consumers
B) To protect domestic industries from foreign competition
C) To increase imports
D) To promote free trade
  • 6. Which country is the world's largest exporter?
A) Japan
B) Germany
C) United States
D) China
  • 7. What is the World Trade Organization (WTO) responsible for?
A) Setting rules for global trade and resolving disputes between countries
B) Facilitating immigration policies
C) Promoting a single global currency
D) Providing financial aid to developing countries
  • 8. How can international trade affect local employment according to a 2018 study?
A) It only affects nonmanufacturing sectors.
B) It always decreases local employment.
C) It can increase local employment.
D) It has no effect on local employment.
  • 9. What may make it more environmentally friendly to import certain foods?
A) Regional differences in harvest seasons.
B) Higher demand for exotic foods.
C) Lower production costs abroad.
D) Better transportation infrastructure.
  • 10. What is a significant factor in the trade-offs between local and distant food production?
A) Limited studies comparing environmental impact.
B) The cost of labor in different regions.
C) The availability of international shipping routes.
D) The demand for luxury goods.
  • 11. Which database is known for providing historical documents on international trade?
A) MIT Observatory of Economic Complexity
B) United Nations Commodity Trade Database
C) Trade Map
D) FRASER (St Louis Fed)
  • 12. Which organization provides a portal for OECD trade statistics?
A) Trade Map
B) United Nations Commodity Trade Database
C) Statistical Portal: OECD
D) MIT Observatory of Economic Complexity
  • 13. Which country imposed taxes only on the first 50 kg of gold exports per month?
A) Ghana
B) Mali
C) Sudan
D) Democratic Republic of Congo
  • 14. Which U.S. president first observed World Trade Week in Los Angeles?
A) The tradition began with the Los Angeles Area Chamber of Commerce in 1927.
B) President Donald Trump
C) President George W. Bush
D) President Barack Obama
  • 15. What is unlikely to help reduce resource risks according to the study?
A) Increasing local production
B) Implementing eco-tariffs
C) Reducing international trade
D) Diversifying trading partners
  • 16. When did President Barack Obama proclaim World Trade Week in 2016?
A) May 15–21, 2016
B) May 18–24, 2016
C) May 13–19, 2016
D) May 17–23, 2016
  • 17. What is a free trade agreement?
A) An agreement to restrict all exports
B) An agreement to control currency exchange rates
C) An agreement to reduce or eliminate trade barriers
D) An agreement to impose tariffs on all imports
  • 18. What is a relatively minor factor for carbon emissions in food production?
A) Water usage.
B) Energy consumption.
C) Nutrient recycling.
D) Food miles.
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