Global Trade Quiz Challenge

Global Trade Quiz Challenge

Test your knowledge about international trade with this exciting quiz featuring 10 questions!

published on April 27
1/10

Which of the following is a benefit of international trade?

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?

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?

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?

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?

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?

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?

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