8. APHG Reading Quiz #8 International Trade

In 2018, what percentage of the world's gross domestic product (GDP) was made up of international trade?

• 25%

• 40%

• 60%

• 75%

What is neoliberalism primarily associated with?

• Government control over private enterprises

• Open markets and free trade

• Increased tariffs and trade barriers

• Nationalization of industries

What is the North American Free Trade Agreement (NAFTA) an example of?

• A neoliberal regional free trade agreement

• A nationalization policy

• A protectionist trade policy

• A government subsidy program

What is the role of supranational organizations in the context of globalization?

• To promote nationalization of industries

• To address challenges associated with international trade and interdependence

• To increase tariffs and trade barriers

• To reduce international cooperation

What is the main goal of the World Trade Organization (WTO)?

• To create a new standard currency

• To help trade flow as freely as possible

• To eliminate tariffs and quotas

• To ensure the stability of the international monetary system

How do globalization and trade benefit the world economy?

• By increasing efficiency and opening new markets

• By decreasing efficiency and closing markets

• By increasing income inequality and reducing jobs

• By promoting isolationism and reducing technology

What is the primary mission of the International Monetary Fund (IMF)?

• To eliminate trade barriers

• To ensure the stability of the international monetary system

• To foster regional trade networks

• To create a new standard currency

What is the primary mission of OPEC?

• To reduce global oil production.

• To ensure an efficient supply of petroleum to customers.

• To promote renewable energy sources.

• To regulate the price of natural gas.

What is deindustrialization?

• The increase in industrial production.

• The decline in the percent of workers employed in the secondary sector.

• The rise of new industrial states.

• The growth of heavy industry and manufacturing.

What is one of the roles of private-sector organizations in the economy?

• Regulating the banking industry

• Establishing business relationships with suppliers and customers

• Implementing policies to spur economic development

• Lowering and raising interest rates