1) What did the Periplus Maris Erythraei describe about ancient trade? a) Nationalization of tea production. b) Trade between Romans and Indians. 2) What goods did Arabian nomads trade in ancient times? a) Silk and spices b) Coal and iron 3) What innovation did the Song Dynasty introduce during the Middle Ages? a) The creation of the first paper money b) The introduction of foreign trade licenses 4) What did the Hanseatic League achieve in England in 1157? a) The creation of the GATT b) Trading privileges 5) What measure did Japan introduce in 1592 to protect its trade? a) Foreign trade licenses b) The use of paper currency 6) What did the GATT represent in 1947? a) The foundation of the Hanseatic League b) The promotion of free trade 7) What did NAFTA become in 2020? a) The Asian Free Trade Agreement b) The USMCA 8) What goods did the Egyptians import through trade in the Red Sea? a) Fur from Europe b) Spices from Arabia 9) What role did French military forts play in the 18th century? a) They were built to produce silk and spices b) They served as trading and communication ports. (Correct) 10) What was the purpose of the World Trade Organization (WTO) established in 1995? a) To promote free trade among nations b) To nationalize the production of goods like tea and salt

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