Test & Test Key

Test & Key

Multipal Choice

1. Which is not a principal for the GATT? General Agreement of Tariff and Trade
a) Imported goods must be taxed the same
b) Trade must be conducted in a non-discriminated manner
c)No country may be denied the right of free trade when a said country applies

2. In South America, the richest 20% of the population holds
a) 60% of the wealth
b) 45% of the wealth
c) 70% of the wealth

3. Countries under the rule of the Soviet Union had which type of economy?
a) Market Economy
b) Mixed Economy
c) Centrally Planned Economy

4. What does the US think that they should have more access to Canada's abundant supply of natural resources?
a) Because they run Canada's trading market
b) Because the have more citizens
c) Because they have higher success rate in their economy

5. The European Union only creates 7% of the World's population. What percent of global imports and exports does it end up forming?
a) 20%
b)73%
c)65%

6. What are the two 'Worlds' that had control after the Cold War?
a) Communist and Imperialist
b) Capitalist and Communists
c) French and Europeans

7. In what year did the World Trade Organization make China a full partener?
a) 1995
b) 2009
c) 2001

8. What year and how many people were accounted for International Trade?
a) 1999, & 20 countries
b) 1995, 131 countries
c) 1989, & 47 countries

9. The European Union consists of how many countries?
a) 25
b) 10
c) 73

10. If the US had been successful in trying their negotiation with Canada, Canada would have potenitally lost their
a) Prime Minister
b) Citizenship
c) Political Independance


True False

1. _F_ The Cold War ran from 1950-1959
2. _T_ There were originally 52 countries that created the United Nation
3. _F_ The four countries of Mercosur have a popluation of nearly 650 000 000
4. _T_ Canada joined the FreerW Trade in 1989
5. _T_ When Mexico joined the FTA (Free Trade Agreement), Mexican exports increased by 200%
6. _T_ The European Union has an anthem
7. _F_ When the War ended, countries like Canada, Russia, and Australia took advantage of the planned economy
8. _F_ Every ten years, countries elect new parliament
9. _T_ More than 50% of each countries trade occurs with the EU
10. _T_ Common Market is the strongest regional integration

Fill in the Blanks

1. By 2019 we plan to eliminate all tariffs.
2. Eventually most countries will all have the same currency, parliament and passports.
3. The United States wanted to trade Canada their natural resources for trading rights. This did not include water.
4. Free Market economy expaned when China opened up to western ways of business.
5. By joining trading blocs, we increase investment in their economies.