International Economics Quiz
Test your knowledge of international economics concepts, theories, and current issues.
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First Name
Last Name
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example@example.com
Which of the following best describes the theory of comparative advantage?
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Nations benefit by specializing in goods they produce most efficiently
Countries should produce everything domestically
Trade should always be balanced between nations
Other
Which organization oversees global trade agreements and resolves disputes?
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World Trade Organization (WTO)
International Monetary Fund (IMF)
World Bank
United Nations (UN)
Match the following international economics terms with their correct definitions.
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Rows
Definition
Tariff
A tax on imports
A limit on the quantity of imports
A fixed exchange rate system
A type of regional trade agreement
Quota
A tax on imports
A limit on the quantity of imports
A fixed exchange rate system
A type of regional trade agreement
Currency Peg
A tax on imports
A limit on the quantity of imports
A fixed exchange rate system
A type of regional trade agreement
Customs Union
A tax on imports
A limit on the quantity of imports
A fixed exchange rate system
A type of regional trade agreement
How would an increase in a country's interest rates affect its currency value?
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Likely to appreciate
Likely to depreciate
No effect
Uncertain/Depends
Which of the following are considered benefits of free trade? (Select all that apply)
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Greater consumer choice
Lower prices
Increased competition
Job losses in all industries
Other
Rate your understanding of exchange rates and their impact on international trade.
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Poor
1
2
3
4
Excellent
5
1 is Poor, 5 is Excellent
Which currency is most commonly used as the world's reserve currency?
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US Dollar (USD)
Euro (EUR)
Japanese Yen (JPY)
British Pound (GBP)
Briefly explain one recent event in international economics that has impacted global markets.
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