Which organization oversees international trade agreements and disputes among member countries?
a) United Nations (UN)
b) World Trade Organization (WTO)
c) International Monetary Fund (IMF)
d) World Bank
Answer: b) World Trade Organization (WTO)
What is the primary objective of international trade law?
a) To promote protectionism
b) To encourage fair competition
c) To hinder global trade activities
d) To limit trade agreements
Answer: b) To encourage fair competition
Which agreement governs the international trade of goods and services, and intellectual property rights?
a) North American Free Trade Agreement (NAFTA)
b) General Agreement on Tariffs and Trade (GATT)
c) European Union (EU) Treaty
d) Asia-Pacific Economic Cooperation (APEC)
Answer: b) General Agreement on Tariffs and Trade (GATT)
What is the purpose of Most-Favored-Nation (MFN) treatment in international trade?
a) To grant preferential treatment to specific countries
b) To impose tariffs on all imported goods equally
c) To establish trade barriers for non-member nations
d) To ensure non-discriminatory trade practices among member countries
Answer: d) To ensure non-discriminatory trade practices among member countries
Which principle of international trade law prohibits countries from discriminating against foreign products or services?
a) National treatment
b) Market access
c) MFN treatment
d) Tariff reduction
Answer: a) National treatment
What is the primary function of the Dispute Settlement Body (DSB) within the WTO?
a) To impose sanctions on member countries
b) To mediate trade disputes between nations
c) To monitor global trade trends
d) To establish trade quotas
Answer: b) To mediate trade disputes between nations
Which agreement aims to reduce tariffs and trade barriers among North American countries?
a) Trans-Pacific Partnership (TPP)
b) European Union (EU) Treaty
c) North American Free Trade Agreement (NAFTA)
d) South Asian Free Trade Area (SAFTA)
Answer: c) North American Free Trade Agreement (NAFTA)
What is the term for a tax imposed on imported goods, designed to protect domestic industries?
a) Quota
b) Tariff
c) Dumping
d) Subsidy
Answer: b) Tariff
Which organization provides technical assistance and capacity-building programs to developing countries in the field of international trade?
a) International Monetary Fund (IMF)
b) United Nations Conference on Trade and Development (UNCTAD)
c) World Trade Organization (WTO)
d) International Trade Centre (ITC)
Answer: b) United Nations Conference on Trade and Development (UNCTAD)
What is the purpose of a trade embargo?
a) To promote free trade
b) To facilitate trade negotiations
c) To restrict trade with a specific country
d) To reduce import tariffs
Answer: c) To restrict trade with a specific country
Which agreement establishes a customs union and common market among European countries?
a) European Union (EU) Treaty
b) North American Free Trade Agreement (NAFTA)
c) Trans-Pacific Partnership (TPP)
d) Asia-Pacific Economic Cooperation (APEC)
Answer: a) European Union (EU) Treaty
What is the term for the practice of selling goods below cost in a foreign market to gain a competitive advantage?
a) Quota
b) Tariff
c) Dumping
d) Subsidy
Answer: c) Dumping
Which principle of international trade law allows countries to take temporary measures to protect domestic industries during crises?
a) National treatment
b) Safeguard measures
c) MFN treatment
d) Anti-dumping duties
Answer: b) Safeguard measures
What is the purpose of trade remedies such as anti-dumping duties and countervailing measures?
a) To promote fair competition in global trade
b) To increase import quotas
c) To encourage protectionist trade policies
d) To eliminate trade agreements
Answer: a) To promote fair competition in global tradeWhich trade agreement aims to facilitate economic cooperation and integration among Pacific Rim countries?
a) North American Free Trade Agreement (NAFTA)
b) Trans-Pacific Partnership (TPP)
c) European Union (EU) Treaty
d) South Asian Free Trade Area (SAFTA)
Answer: b) Trans-Pacific Partnership (TPP)
What is the term for a limit on the quantity of a specific product that can be imported or exported?
a) Tariff
b) Quota
c) Dumping
d) Subsidy
Answer: b) Quota
Which organization aims to promote monetary cooperation and stability among countries?
a) World Trade Organization (WTO)
b) International Monetary Fund (IMF)
c) United Nations (UN)
d) World Bank
Answer: b) International Monetary Fund (IMF)
What is the primary purpose of free trade agreements (FTAs)?
a) To increase tariffs on imported goods
b) To establish trade barriers
c) To reduce trade barriers and promote trade between member countries
d) To restrict imports and exports
Answer: c) To reduce trade barriers and promote trade between member countries
Which principle of international trade law ensures that imported goods are treated equally with domestically produced goods?
a) National treatment
b) Market access
c) MFN treatment
d) Tariff reduction
Answer: a) National treatment
What is the term for financial assistance provided by governments to domestic industries to boost competitiveness?
a) Quota
b) Tariff
c) Dumping
d) Subsidy
Answer: d) Subsidy
Which agreement promotes economic cooperation and integration among Southeast Asian countries?
a) North American Free Trade Agreement (NAFTA)
b) Trans-Pacific Partnership (TPP)
c) Association of Southeast Asian Nations (ASEAN) Free Trade Area
d) Asia-Pacific Economic Cooperation (APEC)
Answer: c) Association of Southeast Asian Nations (ASEAN) Free Trade Area
What is the term for a voluntary restriction on trade imposed by a country to protect domestic industries?
a) Tariff
b) Quota
c) Embargo
d) Sanction
Answer: b) Quota
Which international organization provides financing and technical assistance for development projects in developing countries?
a) International Monetary Fund (IMF)
b) United Nations Development Programme (UNDP)
c) World Bank
d) World Trade Organization (WTO)
Answer: c) World Bank
What is the term for the removal or reduction of trade barriers, such as tariffs and quotas?
a) Protectionism
b) Liberalization
c) Embargo
d) Sanction
Answer: b) Liberalization
Which principle of international trade law grants equal access to foreign markets for goods and services?
a) National treatment
b) Market access
c) MFN treatment
d) Tariff reduction
Answer: b) Market access
What is the primary purpose of trade negotiations between countries?
a) To increase protectionist measures
b) To reduce barriers to trade
c) To limit market access
d) To impose tariffs
Answer: b) To reduce barriers to trade
Which international organization focuses on promoting sustainable development and environmental protection in trade?
a) International Labour Organization (ILO)
b) United Nations Environment Programme (UNEP)
c) International Trade Centre (ITC)
d) World Trade Organization (WTO)
Answer: b) United Nations Environment Programme (UNEP)
What is the term for a situation where one country exports more than it imports, resulting in a surplus?
a) Trade deficit
b) Trade surplus
c) Trade liberalization
d) Trade barrier
Answer: b) Trade surplus
Which agreement aims to promote economic cooperation and integration among African countries?
a) North American Free Trade Agreement (NAFTA)
b) Trans-Pacific Partnership (TPP)
c) African Continental Free Trade Agreement (AfCFTA)
d) South Asian Free Trade Area (SAFTA)
Answer: c) African Continental Free Trade Agreement (AfCFTA)
What is the term for a practice where a country deliberately lowers the value of its currency to boost exports?
a) Currency depreciation
b) Currency appreciation
c) Currency pegging
d) Currency devaluation
Answer: d) Currency devaluation
Which international organization focuses on promoting labor rights and standards in global trade?
a) International Labour Organization (ILO)
b) United Nations Development Programme (UNDP)
c) World Trade Organization (WTO)
d) International Monetary Fund (IMF)
Answer: a) International Labour Organization (ILO)
What is the term for a tax imposed on imported goods to make them more expensive than domestic products?
a) Quota
b) Tariff
c) Dumping
d) Subsidy
Answer: b) Tariff
Which agreement aims to promote economic integration and cooperation among Gulf Cooperation Council (GCC) countries?
a) North American Free Trade Agreement (NAFTA)
b) Trans-Pacific Partnership (TPP)
c) Gulf Cooperation Council (GCC) Free Trade Agreement
d) South Asian Free Trade Area (SAFTA)
Answer: c) Gulf Cooperation Council (GCC) Free Trade Agreement
What is the term for the practice of extending credit or loans to support exports?
a) Trade barrier
b) Trade financing
c) Trade liberalization
d) Trade surplus
Answer: b) Trade financing
Which principle of international trade law ensures that trade-related regulations are transparent and predictable?
a) Non-discrimination
b) Transparency
c) Reciprocity
d) Sovereignty
Answer: b) TransparencyWhat is the primary purpose of trade sanctions imposed by one country on another?
a) To promote free trade
b) To encourage economic cooperation
c) To restrict trade activities as a form of punishment or coercion
d) To facilitate trade negotiations
Answer: c) To restrict trade activities as a form of punishment or coercion
Which international organization focuses on promoting global economic stability and financial cooperation?
a) United Nations (UN)
b) World Trade Organization (WTO)
c) International Monetary Fund (IMF)
d) International Labour Organization (ILO)
Answer: c) International Monetary Fund (IMF)
What is the term for a situation where a country imports more than it exports, resulting in a deficit?
a) Trade deficit
b) Trade surplus
c) Trade liberalization
d) Trade barrier
Answer: a) Trade deficit
Which agreement aims to promote economic cooperation and integration among South Asian countries?
a) North American Free Trade Agreement (NAFTA)
b) Trans-Pacific Partnership (TPP)
c) South Asian Free Trade Area (SAFTA)
d) African Continental Free Trade Agreement (AfCFTA)
Answer: c) South Asian Free Trade Area (SAFTA)
What is the term for a system where a country fixes the value of its currency to another currency or a basket of currencies?
a) Currency depreciation
b) Currency appreciation
c) Currency pegging
d) Currency devaluation
Answer: c) Currency pegging
Which international organization focuses on promoting sustainable development and poverty reduction through global partnerships?
a) United Nations Development Programme (UNDP)
b) World Trade Organization (WTO)
c) International Monetary Fund (IMF)
d) International Labour Organization (ILO)
Answer: a) United Nations Development Programme (UNDP)
What is the term for an agreement between two or more countries to reduce or eliminate trade barriers among themselves?
a) Free trade agreement (FTA)
b) Customs union
c) Bilateral trade agreement
d) Multilateral trade agreement
Answer: a) Free trade agreement (FTA)
Which principle of international trade law encourages countries to reduce trade barriers and promote fair competition?
a) Non-discrimination
b) Transparency
c) Reciprocity
d) Sovereignty
Answer: c) Reciprocity
What is the term for an organization that represents businesses and industries in trade negotiations and policy discussions?
a) Non-governmental organization (NGO)
b) Trade union
c) Chamber of Commerce
d) Regulatory agency
Answer: c) Chamber of Commerce
Which agreement aims to promote economic cooperation and integration among Central American countries?
a) North American Free Trade Agreement (NAFTA)
b) Trans-Pacific Partnership (TPP)
c) Central American Integration System (SICA) Free Trade Agreement
d) South Asian Free Trade Area (SAFTA)
Answer: c) Central American Integration System (SICA) Free Trade Agreement
What is the term for a tax imposed on exported goods by the exporting country?
a) Import duty
b) Export quota
c) Export subsidy
d) Export tariff
Answer: d) Export tariff
Which principle of international trade law requires countries to abide by the rules and regulations of trade agreements?
a) Non-discrimination
b) Transparency
c) Good faith
d) Sovereignty
Answer: c) Good faith
What is the primary purpose of a trade agreement’s dispute settlement mechanism?
a) To impose penalties on non-compliant countries
b) To promote dialogue and mediation in trade disputes
c) To restrict access to global markets
d) To encourage protectionist measures
Answer: b) To promote dialogue and mediation in trade disputes
Which international organization focuses on promoting fair labor practices and decent work globally?
a) International Monetary Fund (IMF)
b) United Nations Development Programme (UNDP)
c) World Trade Organization (WTO)
d) International Labour Organization (ILO)
Answer: d) International Labour Organization (ILO)
What is the term for a practice where a country artificially lowers the value of its currency to gain a competitive advantage in exports?
a) Currency manipulation
b) Currency pegging
c) Currency appreciation
d) Currency devaluation
Answer: a) Currency manipulation