Economics ยท General Awareness

International Trade Economics

2,022 Questions

International trade economics covers the exchange of goods and services across borders, encompassing theories like comparative advantage and policies such as tariffs. Key concepts include the balance of payments, free trade agreements, and globalization measures. These topics are frequently asked in UPSC, State PSC, and other competitive exams to test economic awareness.

Balance of paymentsTrade policy and tariffsFree trade agreementsComparative advantage theory

International Trade Economics Questions

Multiple choice general knowledge

The principal export of Jamaica is....

  1. Salt

  2. Sugar

  3. Wheat

  4. Oil
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Sugar is the principal export of Jamaica. The country's tropical climate and agricultural history make sugar a major export commodity. Jamaica is known for its sugar cane production and processing industry.

Multiple choice general knowledge

The pricipal export of Jamaica is...

  1. Salt

  2. Sugar

  3. Wheat

  4. Oil
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Sugar is the principal export of Jamaica. The country's tropical climate and agricultural history make sugar a major export commodity. Jamaica is known for its sugar cane production and processing industry. This is identical to question 20787.

Multiple choice general knowledge history

also known as the Anglo-Chinese Wars, were the climax of trade disputes and diplomatic difficulties between China under the Qing Dynasty and the British Empire after China sought to restrict British drug traffickers.

  1. chinese civil wars

  2. Chaco War

  3. Opium War

  4. Falklands War
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The Opium Wars (1839-1842 and 1856-1860) were conflicts between China and Britain over trade, specifically British opium trafficking. The Qing Dynasty sought to restrict British drug traders, leading to military conflict. The wars were about trade disputes, not civil wars or other conflicts like the Falklands War.

Multiple choice general knowledge

CTBT is a term associated with

  1. Nuclear weapons

  2. Central taxes

  3. Trade sanctions

  4. International terrorism
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

CTBT stands for Comprehensive Nuclear-Test-Ban Treaty, which bans all nuclear explosions for both civilian and military purposes. It is directly associated with nuclear weapons (A) and non-proliferation. It has nothing to do with taxes (B), trade (C), or terrorism (D).

Multiple choice general knowledge

What do u mean by GATT

  1. Greater Assesment on Trade & Transport

  2. General Assembly on rade & Transport

  3. General Agreement on Tariff & Trade

  4. General Association for Tariff & Trade
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

GATT (General Agreement on Tariffs and Trade) was a multilateral agreement signed in 1947 to promote international trade by reducing or eliminating trade barriers like tariffs and quotas. It was the precursor to the World Trade Organization (WTO) established in 1995.

Multiple choice general knowledge

The Principal export of Jamaica is

  1. Rubber

  2. Tin

  3. Wheat

  4. Sugar
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Jamaica's principal export has historically been sugar (from sugarcane), along with bauxite/alumina, tourism services, and agricultural products. Among the given options, sugar is the most accurate principal export for Jamaica.

Multiple choice general knowledge

G-15 is an economic grouping of?

  1. First World Nations

  2. Second World Nations

  3. Third World Nations

  4. Fourth World Nations
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

G-15 is a summit level group of developing countries from Asia, Africa, and Latin America, established in 1989 to foster cooperation and provide input for other international organizations. The term 'Third World' refers to developing nations, which accurately describes G-15 membership including countries like India, Brazil, Egypt, and Malaysia.

Multiple choice general knowledge

United Nations Commission on International Trade Law (UNCITRAL) (2 mts)

  1. United Nations Connmission on International Trade Law

  2. United Nations Commission on International Trade Law

  3. United Nations Commission on International Treda Law

  4. Unlted Natlons Commission on International Trade Law
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

UNCITRAL stands for United Nations Commission on International Trade Law, a UN body focused on modernizing and harmonizing international trade rules globally. Options A, C, and D contain spelling errors in their name.

Multiple choice general knowledge

Dumping is

  1. selling of goods abroad at a price well below the production cost at the home market price

  2. the process by which the supply of a manufacture's product remains low in the domestic market, which batches him better price

  3. prohibited by regulations of GATT

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Multiple choice general knowledge

Invisible export means export of ?

  1. Service

  2. Prohibited Goods

  3. Unrecorded Goods

  4. Goods through smuggling
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Invisible exports refer to the export of services (like banking, insurance, tourism, consulting) rather than physical goods. These are called 'invisible' because they don't involve tangible products that can be seen or touched, unlike merchandise exports.

Multiple choice softskills leadership

embargo

  1. ban on commerce or other activity

  2. certainty

  3. position giving an advantage (such as a strategic point)

  4. teacher of philosophy
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

An embargo is an official ban on trade or other commercial activity with a particular country. It's a political tool used to pressure nations by restricting economic exchanges. The term comes from Spanish/Italian meaning 'to stop, hinder, or restrain'.

Multiple choice technology

Trading Network is

  1. is a set of rules that have agreed to exchange business documents

  2. is a set of organizations that have agreed to exchange important documents

  3. is a set of organizations that have agreed to exchange business documents

  4. is a set of documents that have agreed to exchange business organizations
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A Trading Network is a set of organizations that have agreed to exchange business documents using standardized formats and protocols. Option B is incorrect because it says 'important documents' rather than 'business documents'. Option A incorrectly refers to rules instead of organizations. Option D is nonsensical - documents cannot exchange organizations.