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Free Trade Day – May 8, 2025
1)
Who conceptualized the rudimentary form of free trade in the 16th century?
a) Karl Marx
b) David Ricardo
c) Francisco de Vitoria
d) Adam Smith
2)
What act initiated trade liberalization in the U.S. in 1934?
a) World Trade Organization Act
b) Reciprocal Trade Agreements Act
c) General Agreement on Tariffs and Trade
d) Prohibitory Act
3)
Which country first signed a free trade agreement with the United States in 1985?
a) Israel
b) China
c) Mexico
d) Canada
4)
In what year was the World Trade Organization established?
a) 1985
b) 2005
c) 1945
d) 1995
5)
How many regional trade agreements are currently in operation globally?
a) About 50
b) Around 420
c) Approximately 600
d) Nearly 300
6)
Which policy restricts imports through taxes and quotas?
a) Free Trade
b) Monetarism
c) Protectionism
d) Mercantilism
7)
What is the purpose of Rules of Origin in international trade?
a) To set trade tariffs
b) To determine the country of origin of a product
c) To calculate international shipping costs
d) To establish fair labor practices
8)
What is the purpose of the General Agreement on Tariffs and Trade?
a) To promote international trade by reducing trade barriers
b) To create a single world currency
c) To manage international shipping regulations
d) To standardize global labor laws
9)
Which economist’s birthday was chosen to celebrate Free Trade Day?
a) John Maynard Keynes
b) Milton Friedman
c) Friedrich Hayek
d) Paul Samuelson
10)
Which U.S. agreement lowered trade barriers among several Central American countries in 2006?
a) Transatlantic Trade and Investment Partnership
b) North American Free Trade Agreement (NAFTA)
c) Dominican Republic-Central America Free Trade Agreement
d) Pacific Alliance
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