16. A trade embargo is:
a) A unilateral restriction on imports
b) A ban on all trade with a particular country
c) An agreement to reduce import tariffs
d) A preferential trade agreement
17. Which of the following is a current account transaction in the balance of payments?
a) Foreign direct investment
b) Import of goods
c) Portfolio investment
d) Repayment of foreign debt
18. The General Agreement on Trade in Services (GATS) is a WTO agreement that aims to:
a) Promote agricultural subsidies
b) Facilitate trade in manufactured goods
c) Liberalize trade in services
d) Regulate intellectual property rights
19. Which of the following is not a criterion for determining the country of origin of a product?
a) The location of the company’s headquarters
b) The place where substantial transformation occurs
c) The percentage of local content in the product
d) The adherence to labor standards
20. A trade deficit can be financed by:
a) Increasing exports
b) Reducing imports
c) Borrowing from foreign sources
d) Imposing export duties
