Economies and World Trade Quiz

What stimulates world trade?

• Government regulations

• Extra fees

• International borders

• Imported goods

What is a type of tax called that is added to the cost of importing products?

• Border delay

• Supplier

• Quota

• Tariff

What do governments often create to encourage their people to buy products made in their own country?

• Tariffs

• Quotas

• Border delays

• Trade barriers

What is the exchange of capital, labor, goods, and services between countries called?

• Cultural affairs

• Manufacturing costs

• Economic interdependence

• International trade

Which economic organization monitors economic development and provides training and technical help?

• World Trade Organization (WTO)

• North American Free Trade Agreement (NAFTA)

• European Union (EU)

• International Monetary Fund (IMF)

Which international agreement aims to reduce global trade barriers and ensure fair trade?

• General Agreement on Tariffs and Trade (GATT)

• Trans-Pacific Partnership (TPP)

• Central American Free Trade Agreement (CAFTA)

• South Asian Free Trade Area (SAFTA)

What is the primary purpose of the World Bank?

• To facilitate currency exchange

• To provide loans and grants for the development projects of poorer countries

• To regulate stock markets around the world

• To collect economic data from different countries

What term describes the limit on the quantity of goods that can be imported into a country?

• Embargo

• Subsidy

• Quota

• Trade surplus

What is the main goal of imposing anti-dumping duties on imported goods?

• To increase the global competitiveness of domestic industries

• To prevent foreign companies from selling goods below market value

• To enhance the cultural exchange between trading countries

• To subsidize domestic industries for export promotion

Which organization is responsible for regulating international trade and ensuring that trade flows as smoothly, predictably, and freely as possible?

• International Monetary Fund (IMF)

• United Nations Conference on Trade and Development (UNCTAD)

• World Trade Organization (WTO)

• World Bank