What is the term for the buying and selling of goods and services between countries?
a) Domestic trade
b) Global trade
c) International trade
d) Local trade
Answer: c) International trade
What is the name of the UK government department responsible for international trade and investment?
a) Department for International Trade (DIT)
b) Department for Business, Energy & Industrial Strategy (BEIS)
c) Department for Foreign Affairs (DFA)
d) Department of Trade and Industry (DTI)
Answer: a) Department for International Trade (DIT)
Which term refers to the difference between a country’s exports and imports?
a) Trade surplus
b) Trade deficit
c) Trade equilibrium
d) Trade balance
Answer: d) Trade balance
What is the most common method of payment in international trade, where payment is made after the goods are delivered?
a) Advance payment
b) Open account
c) Letter of credit
d) Documentary collection
Answer: b) Open account
What is the name of the international organization that sets the rules for global trade and promotes free trade?
a) World Bank
b) International Monetary Fund (IMF)
c) World Trade Organization (WTO)
d) United Nations (UN)
Answer: c) World Trade Organization (WTO)
Which economic term describes the complete removal of trade barriers, such as tariffs and quotas, between countries?
a) Protectionism
b) Trade liberalization
c) Trade embargo
d) Import substitution
Answer: b) Trade liberalization
What is the term for a tax imposed on imported goods to protect domestic industries?
a) Quota
b) Embargo
c) Tariff
d) Subsidy
Answer: c) Tariff
Which trade agreement allows goods to be traded between European Union (EU) member countries without customs duties or taxes?
a) North American Free Trade Agreement (NAFTA)
b) Trans-Pacific Partnership (TPP)
c) Mercosur
d) European Single Market
Answer: d) European Single Market
What is the term for a restriction on the quantity of a specific good that can be imported into a country?
a) Tariff
b) Quota
c) Embargo
d) Subsidy
Answer: b) Quota
Which term describes the practice of selling goods abroad at a price lower than their production cost?
a) Dumping
b) Subsidy
c) Protectionism
d) Import substitution
Answer: a) Dumping
What is the term for an agreement between two or more countries to reduce or eliminate trade barriers among themselves?
a) Bilateral trade agreement
b) Multilateral trade agreement
c) Regional trade agreement
d) Global trade agreement
Answer: c) Regional trade agreement
Which organization is responsible for negotiating and overseeing trade agreements among member countries of the European Union (EU)?
a) European Central Bank (ECB)
b) European Commission (EC)
c) European Parliament
d) European Council
Answer: b) European Commission (EC)
What is the term for a document issued by a customs authority that allows imported goods to enter a country?
a) Import license
b) Export permit
c) Bill of lading
d) Customs clearance
Answer: d) Customs clearance
Which term refers to the practice of a country focusing on producing goods that it can produce most efficiently while trading for goods it cannot produce efficiently?
a) Comparative advantage
b) Absolute advantage
c) Trade surplus
d) Trade deficit
Answer: a) Comparative advantage
What is the term for a legal document that provides proof of ownership and specifies the terms of payment for goods being shipped?
a) Letter of credit
b) Bill of lading
c) Proforma invoice
d) Import license
Answer: b) Bill of lading
Which term refers to the practice of a country imposing trade barriers to protect its domestic industries from foreign competition?
a) Trade liberalization
b) Protectionism
c) Dumping
d) Import substitution
Answer: b) Protectionism
What is the term for a legal document that guarantees payment to the exporter by the importer’s bank upon receipt of the goods?
a) Bill of lading
b) Letter of credit
c) Proforma invoice
d) Export permit
Answer: b) Letter of credit
Which term refers to the exchange rate at which one currency can be exchanged for another in the foreign exchange market?
a) Nominal exchange rate
b) Real exchange rate
c) Purchasing power parity (PPP)
d) Spot exchange rate
Answer: d) Spot exchange rate
What is the term for a tax or duty imposed on imports or exports to raise revenue for the government?
a) Quota
b) Tariff
c) Subsidy
d) Embargo
Answer: b) Tariff
Which economic term describes the ability of a country to produce a good more efficiently than another country?
a) Comparative advantage
b) Absolute advantage
c) Trade deficit
d) Trade surplus
Answer: b) Absolute advantage
What is the term for a trade agreement between two countries that reduces or eliminates tariffs and other trade barriers?
a) Multilateral trade agreement
b) Regional trade agreement
c) Bilateral trade agreement
d) Global trade agreement
Answer: c) Bilateral trade agreement
Which organization is responsible for promoting economic cooperation and trade among African countries?
a) European Union (EU)
b) North American Free Trade Agreement (NAFTA)
c) African Union (AU)
d) Asia-Pacific Economic Cooperation (APEC)
Answer: c) African Union (AU)
What is the term for a temporary restriction on trade for a specific product to protect domestic industries?
a) Tariff
b) Quota
c) Embargo
d) Subsidy
Answer: b) Quota
Which term refers to the practice of a country importing more goods than it exports?
a) Trade deficit
b) Trade surplus
c) Balance of payments
d) Balance of trade
Answer: a) Trade deficit
What is the term for a legal document that outlines the terms and conditions of a proposed international sale?
a) Bill of lading
b) Letter of credit
c) Proforma invoice
d) Export permit
Answer: c) Proforma invoice
Which term refers to the exchange rate adjusted for differences in price levels between countries?
a) Nominal exchange rate
b) Real exchange rate
c) Purchasing power parity (PPP)
d) Spot exchange rate
Answer: b) Real exchange rate
What is the term for an international organization composed of 164 member countries that work to promote global trade and economic growth?
a) International Monetary Fund (IMF)
b) World Bank
c) World Trade Organization (WTO)
d) United Nations (UN)
Answer: c) World Trade Organization (WTO)
Which term refers to the practice of a country exporting more goods than it imports?
a) Trade surplus
b) Trade deficit
c) Balance of trade
d) Balance of payments
Answer: a) Trade surplus
What is the term for an agreement that establishes a common market and customs union among European Union (EU) member countries?
a) European Single Market
b) European Economic Community (EEC)
c) Schengen Agreement
d) Maastricht Treaty
Answer: b) European Economic Community (EEC)
Which term refers to a situation where a country exports more than it imports in terms of value?
a) Trade deficit
b) Trade surplus
c) Balance of trade
d) Balance of payments
Answer: b) Trade surplus
What is the term for a legal agreement that allows one country’s products to enter another country duty-free or at a reduced rate?
a) Free trade agreement (FTA)
b) Customs union
c) Economic partnership agreement
d) Trade bloc
Answer: a) Free trade agreement (FTA)
Which term refers to a group of countries that agree to reduce or eliminate trade barriers among themselves?
a) Multinational corporation (MNC)
b) Cartel
c) Trade bloc
d) Protectionism
Answer: c) Trade bloc
What is the term for the value of a country’s total exports minus its total imports?
a) Trade deficit
b) Trade surplus
c) Balance of trade
d) Balance of payments
Answer: c) Balance of trade
Which term refers to a group of countries that have reduced or eliminated trade barriers among themselves and have a common external trade policy?
a) Free trade agreement (FTA)
b) Customs union
c) Economic partnership agreement
d) Trade bloc
Answer: b) Customs union
What is the term for a tax imposed on imported goods to make them more expensive and protect domestic industries?
a) Subsidy
b) Quota
c) Tariff
d) Embargo
Answer: c) Tariff
Which term refers to the practice of a country trading goods and services for other goods and services without using money?
a) Barter trade
b) Bilateral trade
c) Multilateral trade
d) Countertrade
Answer: a) Barter trade
What is the term for the difference between a country’s exports and imports, including both goods and services?
a) Trade deficit
b) Trade surplus
c) Balance of trade
d) Balance of payments
Answer: d) Balance of payments
Which term refers to a group of countries that have a common market, a customs union, and a common external trade policy?
a) Free trade agreement (FTA)
b) Customs union
c) Economic partnership agreement
d) Trade bloc
Answer: d) Trade bloc
What is the term for an agreement between countries to reduce or eliminate tariffs and other trade barriers on a specific set of goods?
a) Free trade agreement (FTA)
b) Customs union
c) Economic partnership agreement
d) Trade bloc
Answer: a) Free trade agreement (FTA)
Which term refers to a group of countries that have reduced or eliminated trade barriers among themselves and coordinate economic policies?
a) Free trade agreement (FTA)
b) Customs union
c) Economic partnership agreement
d) Economic union
Answer: d) Economic union
What is the term for an international organization that provides financial assistance and promotes economic stability among member countries?
a) International Monetary Fund (IMF)
b) World Bank
c) World Trade Organization (WTO)
d) United Nations (UN)
Answer: a) International Monetary Fund (IMF)
Which term refers to a group of countries that have a common market, a customs union, a common external trade policy, and coordinate economic policies?
a) Free trade agreement (FTA)
b) Customs union
c) Economic partnership agreement
d) Economic union
Answer: d) Economic union
What is the term for the exchange of goods and services for money between countries?
a) Barter trade
b) Bilateral trade
c) Multilateral trade
d) Countertrade
Answer: c) Multilateral trade
Which term refers to a group of countries that have reduced or eliminated trade barriers among themselves, coordinate economic policies, and have a common currency?
a) Free trade agreement (FTA)
b) Customs union
c) Economic partnership agreement
d) Economic and monetary union
Answer: d) Economic and monetary union
What is the term for a trade agreement among Canada, Mexico, and the United States that reduces tariffs and promotes trade?
a) North American Free Trade Agreement (NAFTA)
b) Trans-Pacific Partnership (TPP)
c) European Single Market
d) Mercosur
Answer: a) North American Free Trade Agreement (NAFTA)
Which term refers to the exchange of goods and services for other goods and services without using money?
a) Barter trade
b) Bilateral trade
c) Multilateral trade
d) Countertrade
Answer: a) Barter trade
What is the term for a group of countries that have reduced or eliminated trade barriers among themselves and coordinate economic policies?
a) Free trade agreement (FTA)
b) Customs union
c) Economic partnership agreement
d) Economic union
Answer: a) Free trade agreement (FTA)
Which term refers to the exchange of goods and services for money between two countries?
a) Bilateral trade
b) Multilateral trade
c) Barter trade
d) Countertrade
Answer: a) Bilateral trade
What is the term for a tax imposed on imported goods to protect domestic industries?
a) Tariff
b) Quota
c) Embargo
d) Subsidy
Answer: a) Tariff
Which term refers to a trade agreement among multiple countries that aims to promote economic cooperation and growth in the Asia-Pacific region?
a) North American Free Trade Agreement (NAFTA)
b) Trans-Pacific Partnership (TPP)
c) European Single Market
d) Mercosur
Answer: b) Trans-Pacific Partnership (TPP)
