International Business Knowledge Check In

What is the primary goal of international trade?

• Promoting economic growth

• Protecting domestic industries

• Reducing global competition

• Limiting consumer choices

Which organization is responsible for overseeing the rules of international trade and resolving trade disputes?

• World Trade Organization (WTO)

• International Monetary Fund (IMF)

• United Nations (UN)

• World Bank

What does GATT stand for in the context of international trade?

• General Agreement on Tariffs and Trade

• Global Association of Trade and Tariffs

• General Alliance for Trade and Treaties

• Global Agreement on Trade and Treaties

Which trade agreement is primarily associated with promoting economic integration in Europe?

• European Union (EU)

• North American Free Trade Agreement (NAFTA)

• Latin American Free Trade Association (LAFTA)

• Association of Southeast Asian Nations (ASEAN)

What is the term for the advantage a country has in producing a particular good or service at a lower opportunity cost than other countries?

• Comparative advantage

• Absolute advantage

• Competitive advantage

• Specialized advantage

Which of the following is an example of a government-imposed restriction on the quantity of a particular good that can be imported into a country?

• Quota

• Tariff

• Embargo

• Subsidy

What is the term for a tax imposed on imported goods and services?

• Tariff

• Quota

• Subsidy

• Embargo

What does NAFTA stand for?

• North American Free Trade Agreement

• National Association of Foreign Trade Agreements

According to the Hofstede Model, which cultural dimension refers to the extent to which a society accepts hierarchical differences among its members?

• Power distance

• Individualism

• Masculinity

• Uncertainty avoidance

What is the term for a government policy of imposing duties or quotas on imports in order to protect domestic industries from foreign competition?

• Protectionism

• Free trade

• Globalization

• Liberalization