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Connected World through Trade

Total questions: 23

Worksheet time: 13mins

Name
Class
Date
1.

What was the forerunner of World Trade Organization?

a)

General Agreement on Tariffs and Trade (GATT)

b)

Bretton Woods Institutions

c)

International Trade Organization (ITO)

d)

None is correct

2.

Which of the following is a main function of WTO?

a)

Reviewing national trade policies

b)

Administering trade agreements

c)

Settling trade dispute

d)

All is correct

3.

What areas in trade do WTO Agreements not cover?

a)

Intellectual Property

b)

Rules of Origin

c)

Technical Barriers to Trade

d)

Financial Measures

4.
NAFTA is an agreement between all of the following countries EXCEPT
a)
United States
b)
Mexico
c)
Great Britain
d)
Canada
5.
Free trade means 
a)
the countries use the same currency
b)
No trade barriers
c)
there is a quota on some goods
d)
trade is quick and easy
6.
NAFTA was signed by the three countries in 
a)
2004
b)
1984
c)
1994
d)
2014
7.

What does NAFTA stand for?

a)

North American Federation Trading Act

b)

North America Fur Trade Agreement

c)

North America Free Trade Agreement

d)

Northern Africa Free Trade Act

8.

Which countries are included in the NAFTA deal? (Select all that apply)

a)

Mexico

b)

USA

c)

Alaska

d)

Canada

e)

Greenland

9.

Which leaders signed the original NAFTA deal?

a)

Daniel Hernandez, Tyler Gregory Okonma ,Miles Parks McCollum

b)

Pierre Trudeau. Bill Clinton , Felipe Calderón

c)

Brian Mulroney, Carlos Salinas, George W. Bush

d)

Ricky, Bubbles and Mr. Lahey

10.
Why was OPEC created?
a)
To regulate the supply and price of oil
b)
to help the Palestinians in their problems with Israel
c)
to design new machinery to get oil out of the ground
d)
to keep countries that are not members from producing any oil
11.
Where are most of the countries of OPEC located?
a)
Africa
b)
South American
c)
North American
d)
Southwest Asia
12.
What happens to the price of oil when OPEC countries decide to limit production?
a)
prices rise
b)
Prices Drop
c)
prices stay the same
d)
oil stops being sold
13.
How do Iran and Saudi Arabia benefit from belonging to the Organization of Petroleum Exporting Countries (OPEC)?
a)
OPEC keeps the price of oil high on the world market
b)
Countries in OPEC are able to share water resources with each other
c)
The organization sets up tariffs to protect Southwest Asian manufacturing
d)
OPEC makes it possible for Southwest Asian countries to buy oil at low prices
14.
What country consumes more oil than they produce?
a)
Iran
b)
USA
c)
Kuwait
d)
Saudi Arabia
15.
What is the major natural resource of the Middle East?
a)
Diamonds
b)
Apples
c)
Gold
d)
Oil
16.
Which industry does the government of Saudi Arabia heavily control?
a)
oil
b)
technology
c)
agriultural
d)
textile manufacturing
17.

What does OPEC stand for?

a)

Organization of Petroleum Excelling Countries

b)

Oil Producing of the Equilibrium Countries

c)

Organization of Petroleum Exporting Countries

d)

Oil, Petroleum, and Excellent Countries

18.

What is multinational corporations ?

a)

a company that is primarily based in more than one country

b)

a company that is primarily based in one country

c)

a company that is primarily based in some countries

19.

What market does a multinational corporation focus on ?

a)

world market

b)

modern market

c)

traditional market

20.

Multinational corporations have grown rapidly since

a)

1985

b)

1945

c)

1955

21.

________ is the trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies.

a)

Decentralization

b)

Privatization

c)

Globalization

d)

Heterogenization

22.

Which organization provides a mechanism for dispute resolution and the enforcement of trade laws?

a)

The UN

b)

The IMF

c)

The world Bank

d)

The WTO

23.

The rate at which one currency is converted into another is the

a)

Exchange rate

b)

cross rate

c)

Conversion rate

d)

Market rate

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