International Trade and Agreements Quiz

What does 'Brexit' refer to?

• A new currency introduced in the UK

• A trade agreement between the UK and China

• The UK's decision to join the European Union

• The UK's decision to leave the European Union

What was the outcome of the Brexit referendum in June 2016?

• The referendum was declared invalid

• The UK decided to join the EU

• 52% voted to exit the EU

• 48% voted to remain in the EU

What is one potential negative impact of Brexit on businesses?

• More favorable trade agreements with the EU

• Increased value of the British pound

• Decreased competition in the market

• Increased tariffs on UK exports

Which country views Brexit as an opportunity to expand trade with the UK?

• France

• China

• Germany

• United States

What was established at the Bretton Woods Conference in 1944?

• The General Agreement on Tariffs and Trade

• The World Trade Organization

• The International Monetary Fund and World Bank

• The United Nations

What does GATT stand for?

• Global Agreement on Tariffs and Trade

• Global Agreement on Trade and Tariffs

• General Agreement on Tariffs and Trade

• General Agreement on Trade and Technology

What is a key reason for states to engage in international trade?

• To limit access to foreign markets

• To reduce employment opportunities

• To specialize in goods with comparative advantage

• To increase tariffs

What is one political reason for trade between states?

• To increase isolationism

• To foster diplomatic relations

• To create trade barriers

• To promote self-sufficiency

What is the infant industry argument?

• Protecting established industries from foreign competition

• Supporting emerging industries until they can compete

• Encouraging free trade among developed nations

• Reducing tariffs on all imports

What does international trade law govern?

• Domestic economic policies

• Legal rules for trade between countries

• Environmental regulations

• Cultural exchange agreements