MCQ World Trade Organization Quiz

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What is the WTO? Quiz

Ques. What is the underlying characteristic of the WTO?

(a) It facilitates economic co-operation between different countries

(b) It resolves disputes between economic trade blocks

(c) It facilitates the development of less developed countries.

(d) It acts as an umbrella institution that regulates the agreements concluded at the Uruguay round, the organization’s ultimate goal being the promotion of free international trade

Ans. (d)

Ques. Which is the right sequence of stages of Internationalization?

(a) Domestic, Transnational, Global, International, Multinational

(b) Domestic, International, Multinational, Global, Transnational

(c) Domestic, Multinational, International, Transnational, Global

(d) Domestic, International, Transnational, Multinational, Global

Ans. (b)

Ques. With regard to the WTO, subsidies are covered in two separate international economic law agreements. What are they?

(a) The GATT and the Agreement on Subsidies and Countervailing Measures

(b) The Reform Treaty and the Treaty of Rome

(c) The North American Free Trade Agreement and the Organization of American States Charter

(d) The International Monetary Fund’s Articles of Agreement and the European Central Bank’s Statute.

Ans. (a)

Ques. Does the WTO come with its own institutional framework?

(a) No, the WTO depends on the relevant frameworks of national governments.

(b) No, the WTO provides certain institutional arrangements but only on an ad hoc basis.

(c) Yes, the WTO provides a certain institutional framework which changes depending on the nature of free trade agreements.

(d) Yes, the WTO provides a common institutional framework for the implementation of free trade agreements.

Ans. (d)

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Ques. Subsidiaries consider regional environments for policy / strategic formulation. It is known as

(a) Polycentric Approach

(b) Regio centric Approach

(c) Ethnocentric Approach

(d) Geocentric Approach

Ans. (b)

Ques. What are countervailing measures?

(a) Measures which a state may initiate against another state when that other state has legally subsidized any of its domestic industries

(b) Measures which a national government may initiate against another state when that other state has not subsidized any of its domestic industries

(c) Measures which a state may initiate against another state when that other state has illegally subsidized any of its domestic industries

(d) Measures which a national government may initiate against another state when that other state has not illegally subsidized any of its domestic industries

Ans. (c)

Ques. Ultimately, __ was replaced by __ on 1st Jan 1995.

(a) GATS, WTO

(b) WTO, GATT

(c) GATT, WTO

(d) IMF, GATT

Ans. (c)

Ques. What are the three key ‘components’ of the WTO?

(a) A Senate, a Judiciary and a Directorate

(b) A Trade Commission, a Dispute Settlement Body and a Council of Ministers

(c) An Executive apparatus, a Legislative apparatus and an Enforcement apparatus

(d) A Board of Governors, the Assembly of Member States and a Steering Committee

Ans. (c)

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Ques. The Theory of Absolute Cost Advantage is given by

(a) David Ricardo

(b) Adam Smith

(c) F W Taylor

(d) Ohlin and Heckscher

Ans. (b)

Ques. Does the WTO apply its framework in exactly the same fashion throughout the world?

(a) Yes, the WTO applies its framework in exactly the same way throughout the world.

(b) Yes, the WTO applies its framework in exactly the same way around the world, unless it deals with trade blocks.

(c) No, the WTO makes allowance for regional variation.

(d) No, the WTO makes allowance for variation in the case of economically stronger countries.

Ans. (c)

Ques. The first phase of globalization started around 1870 and ended with __

(a) World War I

(b) World War II

(c) The Establishment of GATT

(d) In 1913 when GDP was high

Ans. (a)

Ques. What are the two main functions of the WTO?

(a) The promotion of free trade and economic liberalism

(b) The administration of the WTO agreements and the resolution of international trade disputes

(c) The promotion of world peace, economic stability and financial co-operation

(d) The administration of the WTO’s institutional framework and the promotion of economic co-operation amongst its members

Ans. (d)

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Ques. Theoretically, what is the most significant organ of the WTO?

(a) The Committee on Trade and Development

(b) The Council for Trade in Goods

(c) The General Council

(d) The Ministerial Conference

Ans. (d)

Ques. Members of the World Trade Organization are required to

(a) Eliminate all tariffs.

(b) Allocate quotas on a first-come-first-served basis.

(c) Use the WTO’s definitions of products, such as what can be called “beer.”

(d) Enforce patent rights for patent holders from other countries. E. Prevent their firms from “dumping.”

Ans. (d)

Ques. The Theory of Relative Factor Endowments is given by

(a) David Ricardo

(b) Adam Smith

(c) F W Taussig

(d) Ohlin and Heckscher

Ans. (d)

Ques. Practically, what is the most significant organ of the WTO?

(a) The Committee on Trade and Development

(b) The Council for Trade in Goods

(c) The General Council

(d) The Ministerial Conference

Ans. (c)

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Ques. Where is provision made with regard to the WTO’s institutional arrangements?

(a) In the WTO Agreement

(b) In the GATT

(c) In the UN Charter

(d) In the WTO Agreement on Subsidies and Countervailing Measures

Ans. (a)

Ques. The theory of Comparative cost advantage is given by

(a) David Ricardo

(b) Adam Smith

(c) F W Taussig

(d) Ohlin and Heckscher

Ans. (a)

Ques. Which of the following exceptions to the WTO rules does not permit a country to use a tariff or quota that is more restrictive than its bound tariff?

(a) Anti-dumping

(b) Preferential trade agreements

(c) Safeguards

(d) Balance of payments protection

Ans. (b)

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Ques. __ is the application of knowledge which redefines the boundaries of global business.

(a) Cultural Values

(b) Society

(c) Technology

(d) Economy

Ans. (c)

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