WorksheetsGlobal Economy and Trade Knowledge
Total questions: 10
Worksheet time: 5mins
1. Which of the following is the largest economy in the world by nominal GDP?
e) Germany
c) United States
g) Russia
f) Brazil
2. The European Union (EU) is an economic and political union of how many European countries?
12
27
30
5
3. What term describes an economic system where individuals and businesses operate with minimal government interference, and market forces determine prices and production?
Anarchism
Feudalism
a) Capitalism
Mercantilism
4. Which currency is used by most European Union member countries?
Australian Dollar
Norwegian Krone
a) Euro
Canadian Dollar
5. What international organization was established in 1944 to promote economic stability and growth worldwide by providing financial assistance and policy advice to member countries?
b) International Monetary Fund (IMF)
African Development Bank (AfDB)
World Health Organization (WHO)
International Labor Organization (ILO)
6. Which country is known as the 'Land of the Rising Sun' and has a highly developed and advanced economy?
a) India
c) Japan
d) Malaysia
b) Vietnam
7. What is the primary purpose of the World Trade Organization (WTO)?
b) To regulate international trade
g) To facilitate cultural exchanges between nations
f) To oversee global currency exchange rates
e) To establish international labor standards
8. Which economic indicator measures the total value of all goods and services produced in a country in a given year?
g) Interest Rate
e) Consumer Price Index (CPI)
f) National Debt
b) Gross Domestic Product (GDP)
9. What is the main function of the International Monetary Fund (IMF)?
e) To provide humanitarian aid to developing countries
f) To oversee global environmental policies
c) To ensure the stability of the international monetary system
g) To facilitate international trade agreements
10. Which of the following is a characteristic of a mixed economy?
Only private sector involvement
c) Combination of private and public enterprise
Total privatization of resources
Complete market dominance
