WTO and International Trade Quiz

<p>Protectionist policies facilitate global production efficiency. (B)</p> Signup and view all the answers

<p>The need for monetary adjustments in countries with persistent trade imbalances. (D)</p> Signup and view all the answers

<p>Enhanced efficiency and productivity. (A)</p> Signup and view all the answers

<p>The cost of producing one additional unit of a product. (A)</p> Signup and view all the answers

<p>The value of the next best alternative forgone. (D)</p> Signup and view all the answers

<p>Beaver pelts (B)</p> Signup and view all the answers

<p>To replace the use of bartering (A)</p> Signup and view all the answers

<p>A decline in the value of paper money (B)</p> Signup and view all the answers

<p>To address the shortage of silver and gold coins (A)</p> Signup and view all the answers

<p>To serve as legal tender for payments (C)</p> Signup and view all the answers

<p>The British conquest of Canada (C)</p> Signup and view all the answers

<p>Over-stamped Spanish dollars (B)</p> Signup and view all the answers

<p>It became worthless (A)</p> Signup and view all the answers

<p>Jacques de Meulles (A)</p> Signup and view all the answers

<p>Currency that is valid and sufficient for the payment of debts (B)</p> Signup and view all the answers

<p>The rise of industries and factories as the primary force of production (B)</p> Signup and view all the answers

<p>Free trade systems promote economic growth by encouraging competition and specialization (C)</p> Signup and view all the answers

<p>Absolute advantage focuses on production efficiency, while comparative advantage considers opportunity cost (A)</p> Signup and view all the answers

<p>Exchanging goods and services without using money. (B)</p> Signup and view all the answers

<p>Because it involves complex negotiations and finding suitable trading partners. (D)</p> Signup and view all the answers

<p>The global economic crisis and financial instability. (C)</p> Signup and view all the answers

<p>They were self-sufficient and could satisfy their basic needs through hunting and gathering. (A)</p> Signup and view all the answers

<p>All of the above. (D)</p> Signup and view all the answers

<p>The minting of coins in Lydia, now western Turkey. (C)</p> Signup and view all the answers

<p>To provide a tangible medium of exchange that was easily recognizable. (B)</p> Signup and view all the answers

<p>Circular coins were easier to produce and handle. (C)</p> Signup and view all the answers

<p>The introduction of paper money. (C)</p> Signup and view all the answers

<p>King Alyattes. (C)</p> Signup and view all the answers

<p>It provided a stable monetary system that resisted fluctuations in the value of gold and silver. (A)</p> Signup and view all the answers

<p>A type of bimetallic coin minted in Lydia. (D)</p> Signup and view all the answers

<p>Creating a new coin by striking metal against a die. (D)</p> Signup and view all the answers

The World Trade Organization, a forum for international trade negotiations.

General Agreement on Tariffs and Trade, a precursor to WTO established in 1947.

Traditional theories focused on country-based perspectives of trade.

Theories focusing on firm-based perspectives of trade developed around mid-20th century.

Separation of a work process into tasks for increased efficiency and productivity.

When a country's exports exceed its imports.

The cost incurred by producing one additional unit of a product.

The value of the best alternative forgone when a choice is made.

The first to issue true gold coins with standardized purity.

A monetary system using both gold and silver coins.

A natural alloy of gold and silver, called 'white gold.'

Informal promissory notes acting as currency.

The universally accepted medium of exchange in early Canada.

The first distinctive coins circulating in French colonies.

Temporary paper money printed on playing cards.

Currency valid for payments of debts.

The increase in prices reducing purchasing power.

Currency available only in digital form, including cryptocurrencies.

Factors influencing why countries trade and the effects of trade.

The phase of capitalism where industries/factories dominate production.

A trading system where goods are exchanged with less restriction.

An economic policy that restricts imports to enhance national wealth.

A country's ability to produce certain goods more efficiently than others.

When a country produces goods at a lower opportunity cost than another.

Direct exchange of goods or services without monetary transactions.

Benefits such as simplicity and bypassing currency issues in trade.

Challenges like finding matching needs and no standard value.

Transition from bartering to using money as a trading medium.

Earliest metal coins appeared in China around 1000 BC.

The process of creating coins by stamping metal.

King of Lydia who minted non-standardized currency around 600 BC.

Lydia's king who introduced the bimetallic currency system.

The history of how trade moved from barter to currency.