Global Trade Quiz Challenge Test your knowledge about international trade with this exciting quiz featuring 10 questions! remus2009 published 11 days ago0 responses 0 « Previous Next » Questions in vertical order 1/10 Which of the following is a benefit of international trade? Increased variety of goods Higher unemployment rates Decreased competition Lower consumer choice 2/10 What is the main purpose of tariffs in international trade? To protect domestic industries To encourage foreign investment To reduce government revenue To increase consumer prices 3/10 Which organization sets the rules for international trade? World Trade Organization (WTO) North Atlantic Treaty Organization (NATO) United Nations (UN) European Union (EU) 4/10 What is a trade deficit? When a country imports more than it exports When a country exports more than it imports When there is a balance between imports and exports When a country does not engage in trade at all 5/10 Which country is the largest exporter in the world? China United States Germany Japan 6/10 What is the term for countries removing restrictions on trade? Deregulation Protectionism Subsidies Quotas 7/10 Who benefits the most from free trade agreements? Consumers Governments Corporations Trade organizations 8/10 What is a trade barrier that limits the quantity of imports? Quota Embargo Tariff Subsidy 9/10 What is the term for the value of a country's exports minus its imports? Trade balance Balance of payments Gross domestic product (GDP) Foreign exchange rate 10/10 Which trade agreement created a single market among European Union countries? European Free Trade Association (EFTA) North American Free Trade Agreement (NAFTA) Trans-Pacific Partnership (TPP) Mercosur
