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World Trade Organization and Barriers to Trade Quiz

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World Trade Organization and Barriers to Trade Quiz

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Questions and Answers

What is the main goal of the World Trade Organization (WTO)?

To favor regional trade agreements over global trade

To strike a balance between national protection and free trade (correct)

To restrict the movement of production to foreign markets

To impose high tariffs on international companies

What benefits do international companies gain from the development of the global trading system?

Higher non-tariff barriers for imports

Increased tariffs on imported goods

Limitations on exporting products to foreign markets

Efficient production locations and export opportunities (correct)

How does government interference in free trade affect production efficiency?

It can lead to a decrease in production efficiency (correct)

It boosts production efficiency by reducing competition

It improves production efficiency by increasing barriers

It has no impact on production efficiency

What are the main political motives behind government intervention in trade?

Protecting jobs and national security Signup and view all the answers

Why is high unemployment considered a threat to a government's stability?

It can result in the government losing power quickly Signup and view all the answers

What is the primary purpose of trade, as discussed in the text?

To create wealth through increased consumption Signup and view all the answers

Why did most US manufacturing jobs move to China after it joined the World Trade Organization?

Due to the availability of lower-wage factory workers Signup and view all the answers

Why do political leaders often advocate for protecting certain domestic manufacturing sectors?

To ensure national security by having essential goods available during emergencies Signup and view all the answers

What is a drawback mentioned in the text regarding protection from import competition?

Added cost of continuing to produce domestically rather than sourcing from abroad Signup and view all the answers

How are some smaller farms adapting to protectionist policies in agriculture, according to the text?

By implementing innovative practices like high-tech precision farming Signup and view all the answers