Global Trade & Economics

Name:

Date:

Instructions: Explore the world of international trade, commerce, and economic milestones

1.
The Bretton Woods Conference of 1944 established which two major international financial institutions?
A
Asian Development Bank and African Development Bank
B
World Bank and International Monetary Fund
C
Federal Reserve and Bank of Japan
D
European Central Bank and Bank of England
2.
What is a 'tariff' in international trade?
A
A shipping route
B
A subsidy for domestic producers
C
A trade agreement between two countries
D
A tax imposed on imported goods
3.
NAFTA, the North American Free Trade Agreement, was replaced in 2020 by which agreement?
A
TTIP
B
TPP
C
CAFTA
D
USMCA
4.
The euro became the official currency of the Eurozone in which year?
A
2002
B
1999
C
2005
D
1995
5.
What was the 'Silk Road'?
A
A textile factory in India
B
An ancient network of trade routes connecting East and West
C
A modern highway in China
D
A diplomatic treaty between Rome and China
6.
The Wall Street Crash of 1929 contributed to which global economic event?
A
The Oil Crisis
B
The Industrial Revolution
C
World War I
D
The Great Depression
7.
What does 'free trade' mean?
A
Trade with no cost involved
B
Trade between countries without tariffs or other barriers
C
Government-subsidized trade
D
Trade only between allied nations
8.
The Dutch East India Company, founded in 1602, is often considered the world's first what?
A
Insurance company
B
Publicly traded company (joint-stock company)
C
Shipping company
D
Central bank
9.
What is a 'trade deficit'?
A
When trade between two countries stops
B
When a country imports more than it exports
C
When trade is balanced exactly
D
When a country exports more than it imports
10.
The gold standard was a monetary system where currency value was directly linked to what?
A
Government debt
B
Silver reserves
C
Oil production
D
Gold reserves
11.
Which 1947 international agreement aimed to reduce tariffs and promote free trade among nations?
A
Treaty of Rome
B
General Agreement on Tariffs and Trade (GATT)
C
Maastricht Treaty
D
Marshall Plan
12.
The 2008 global financial crisis was primarily triggered by the collapse of which market?
A
Stock market
B
Agricultural commodities market
C
Oil market
D
Housing and mortgage market
13.
What is 'protectionism' in economic policy?
A
Encouraging free trade
B
Investing in foreign markets
C
Shielding domestic industries from foreign competition through tariffs and quotas
D
Protecting the environment through trade
14.
The BRICS group of major emerging economies includes Brazil, Russia, India, China, and which other country?
A
South Africa
B
Saudi Arabia
C
Singapore
D
South Korea
15.
What economic term describes a sustained increase in the general price level of goods and services?
A
Deflation
B
Inflation
C
Stagflation
D
Recession

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