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Multiple Choice Question & Answer

YB WEB DESK. Dated: 4/16/2021 6:28:53 AM

Multiple Choice Questions on Elasticity of Demand
MCQ on World Trade Organisation (WTO)
1-Economic nationalism is a term used to describe policies which are guided by the idea of protecting domestic
(A) consumption
(B) labour
(C) capital formation
(D) all of the above
2-General Agreement on Tariffs and Trade (GATT) agreement covers the
following basic element(s):
(A) protection shall be afforded to domestic industries through customs tariffs, not through such commercial measures as import quotas
(B) trade shall be conducted on a non-discriminatory basis
(C) consultation shall be the primary method used to solve global trade
problems
(D) all of the above
3-WTO stands for
(A) World Trade Organisation
(B) World Trade Opportunities
(C) World Trade Operation
(D) None of the above
4-Developing countries make up about ___ of the total WTO membership.
(A) quarter
(B) half
(C) three quarters
(D) 90%
5-Headquarters of WTO is situated at
(A) Geneva
(B) Paris
(C) London
(D) New York
6-International Trade Centre was established by WTO in
(A) 1960
(B) 1964
(C) 1968
(D) 1972
7-WTO agreements include
(A) Goods
(B) Services
(C) Intellectual property
(D) All of the above
8-WTO has an objective of reducing tariffs to
(A) maximum
(B) minimum
(C) zero
(D) none of the above
9-The present WTO system is based on the
(A) Paraguay Round Agreements
(B) Uruguay Round Agreements
(C) Argentina Round Agreements
(D) Brazil Round Agreements
10-GATS stands for
(A) The General Agreement on Trade in Service
(B) The General Agreement on Trade and Safety
(C) The General Agreement on Trade and Standard
(D) None of the above
11-TRIPS provide adequate protection of intellectual property in the following categories:
(A) Copyrights
(B) Trademarks
(C) Patents
(D) All of the above
12-Selling the product at below the on-going market price and/or at the
price below the cost of production, is known as
(A) dumping
(B) removal
(C) discarding
(D) throwing away
13-Day-to-Day work in between the ministerial conferences is handled by
(A) The General Council
(B) The Dispute Settlement Body
(C) The Trade Policy Review Body
(D) All of the above
14-The following council(s) report to the General Council
(A) Goods Council
(B) Services Council
(C) TRIPS Council
(D) All of the above
15-Following is (are) advantage(s) of joining WTO
(A) Freer trade cuts the costs of living
(B) Free trade reduces the manufacturing cost
(C) Governments are shielded from lobbying
(D) All of the above
AnswErs:
1-(d), 2-(d), 3-(A), 4-(c), 5-(A), 6-(B), 7-(d), 8-(c), 9-(B), 10-(A), 11-(d), 12-
(A), 13-(d), 14-(d), 15-(d)