20 Questions
What is the main reason countries trade according to the text?
Due to different technologies and factor endowments
During which period was considered the 'Golden Age of trade'?
1870-1914
What are some of the trade policy instruments mentioned in the text besides tariffs and quotas?
Antidumping and countervailing duties
What major organization is highlighted as crucial in regulating the world trading system?
WTO
What technology was widely adopted in the 1970s and 80s that led to a fall in transport costs?
Contenerization
Which two countries experienced huge increases in exports according to the text?
India and China
What event stopped the increase in trade due to protectionist measures?
Great Depression and end of WWII
Since when has the share of trade as a percentage of GDP been increasing according to the text?
$1960s$
'Golden Age of trade' was characterized by:
'Both a & b'
'Rise of global value chains' is associated with which period?
From 1960 to present
What is the formula for calculating total merchandise trade for country A in 2010?
Total merchandise trade = Exports + Imports
Which factor is NOT considered when calculating the growth in trade from 1960 to 2010?
Trade liberalization policies
What core principle of the WTO ensures non-discriminatory trade practices among member nations?
Most-Favored Nation Principle
What is an example of a protectionist trade policy?
Import tariffs and export taxes
What event occurred in 2018 that had an impact on the world trading system according to the text?
US blocked appointment of judges to WTO
Which trade policy institution was founded in 1995 to regulate and promote free trade?
World Trade Organization (WTO)
What did AUS and NZ do in 2023 according to the text?
Reduced tariffs on hundreds of goods
What is the purpose of a countervailing duty investigation according to the text?
To protect domestic industries from unfair foreign competition
'Temporary trade barriers' mentioned in the text include all of the following EXCEPT:
'Unilateral liberalization'
'Most-favored nation (MFN)' principle of the WTO ensures that:
'All WTO member countries extend their best trade terms to one another'
Test your knowledge on trade policy instruments, trade agreements, WTO, and FTA. Understand the concept of comparative advantage and how trade affects different sectors of the economy.
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