56. The concept of “trade in services” includes activities related to:
a) Manufacturing and production
b) Agriculture and farming
c) Tourism and transportation
d) Import and export of goods
57. Which of the following is an example of a regional trade agreement?
a) North American Free Trade Agreement (NAFTA)
b) General Agreement on Tariffs and Trade (GATT)
c) World Trade Organization (WTO)
d) Organization for Economic Cooperation and Development (OECD)
58. The term “current account deficit” refers to a situation where:
a) Exports exceed imports
b) Imports exceed exports
c) The balance of trade is zero
d) The balance of payments is negative
59. The concept of “trade facilitation” refers to:
a) Imposing trade barriers to protect domestic industries
b) Promoting fair trade practices
c) Simplifying customs procedures and reducing red tape
d) Establishing trade promotion agencies
60. The concept of “trade diversion” occurs when:
a) Imports from one country are replaced by imports from another country
b) Imports decrease due to domestic production
c) Exports are diverted to new markets
d) Trade barriers are eliminated in regional trade agreements
