Examen Final Comercio Internacional

What is the definition of economics?

• The study of how individuals make decisions

• The study of how businesses operate

• The study of how society manages its scarce resources

• The study of how governments regulate the economy

Which of the following is NOT considered a factor of production?

• Land

• Labor

• Capital

• Profit

What is the law of supply?

• As price increases, quantity demanded decreases

• As price increases, quantity supplied decreases

• As price increases, quantity demanded increases

• As price increases, quantity supplied increases

Which of the following is a characteristic of a perfectly competitive market?

• Many buyers and sellers

• Product differentiation

• Barriers to entry

• Control over prices by individual firms

What is inflation?

• A sustained increase in the general level of prices

• A sustained decrease in the general level of prices

• A measure of economic growth

• The total value of all goods and services produced in a country in a given year

Which of the following trade organizations promotes free trade and aims to reduce trade barriers between its member countries?

• World Trade Organization (WTO)

• International Monetary Fund (IMF)

• Organization of Petroleum Exporting Countries (OPEC)

• European Union (EU)

Which trade organization is an economic and political union of 27 member states located primarily in Europe?

• North American Free Trade Agreement (NAFTA)

• Association of Southeast Asian Nations (ASEAN)

• South Asian Association for Regional Cooperation (SAARC)

• European Union (EU)

Which trade organization is an agreement among the United States, Canada, and Mexico, creating a trilateral trade bloc in North America?

• World Trade Organization (WTO)

• European Free Trade Association (EFTA)

• North American Free Trade Agreement (NAFTA)

• Organization of American States (OAS)

Which trade organization primarily focuses on promoting economic integration and cooperation among Southeast Asian countries?

• Organization of the Petroleum Exporting Countries (OPEC)

• African Union (AU)

• Association of Southeast Asian Nations (ASEAN)

• Arab League

Which trade organization aims to enhance trade liberalization and economic cooperation among the member countries of the African continent?

• Southern African Development Community (SADC)

• Economic Community of West African States (ECOWAS)

• Organization for Economic Cooperation and Development (OECD)

• African Union (AU)