Chapter 1: Evolution of International Trade

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By PanoramicParticle



10 Questions

Explain the Standard Theory of International Trade.

Differentiate between free trade and mercantilism.

What is the difference between absolute advantage and comparative advantage?

Discuss the history of international trade from the barter system to the present time.

What is the primary purpose of the World Trade Organization (WTO)?

Where is the World Trade Organization (WTO) headquartered?

What is the role of the WTO in settling trade disputes between its members?

Who elects the chairpersons of councils, committees, or working parties within the WTO?

What was one of the first decisions made by President Joe Biden of the USA regarding international agreements?

Which former finance minister was strongly supported by President Joe Biden for a position in the WTO?


This quiz covers the evolution of international trade, including the Standard Theory of International Trade, trade surplus, industrial capitalism, free trade, and mercantilism. Students are expected to explain the development of the Standard Theory of International Trade and differentiate between various trade concepts.

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