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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Unit 8 Self-Quiz

Unit 8 Self-Quiz

Q 1.Organization that seeks to negotiate reductions in barriers to trade and to adjudicate complaints about violations of international trade policy is called . 2.Nontariff barriers are laws that block imports sold below the cost of production and impose tariffs that would increase the price of these imports to reflect their cost of production. 3.Low-income countries benefit less from trade than high-income countries do. 4.Intra-industry trade is when a country that can consume more than it can produce as a result of specialization and trade. 5.There have been times when countries used tariffs as a political tool to protect certain vested economic, social, and cultural interests.

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1. c. World Trade Organization (WTO) 2. b. False 3. b. False 4. b. False 5. a. True