International Business Knowledge Check In

Front

What is the primary goal of international trade?

Back

Promoting economic growth

Front

Which organization is responsible for overseeing the rules of international trade and resolving trade disputes?

Back

World Trade Organization (WTO)

Front

What does GATT stand for in the context of international trade?

Back

General Agreement on Tariffs and Trade

Front

Which trade agreement is primarily associated with promoting economic integration in Europe?

Back

European Union (EU)

Front

What is the term for the advantage a country has in producing a particular good or service at a lower opportunity cost than other countries?

Back

Comparative advantage

Front

Which of the following is an example of a government-imposed restriction on the quantity of a particular good that can be imported into a country? Quota, Tariff, Embargo, Subsidy

Back

Quota

Front

What is the term for a tax imposed on imported goods and services?

Back

Tariff

Front

What does NAFTA stand for?

Back

North American Free Trade Agreement

Front

According to the Hofstede Model, which cultural dimension refers to the extent to which a society accepts hierarchical differences among its members?

Back

Power distance

Front

What is the term for a government policy of imposing duties or quotas on imports in order to protect domestic industries from foreign competition?

Back

Protectionism