Quizz 1 oct 23 International Agreements

What is the objective of the WTO?

• To promote free trade and eliminate barriers to the exchange of goods and services between countries.

• To control the borders of countries

• To generate tariff-only benefits.

• To focus markets on internationalization.

The MFN "Most favored nation" principle is based on the fact that the privilege granted to one country must be granted immediately and unconditionally to all parties or countries that belong to the GATT.

• True

• False

GATT is a legal and trade order focused on fighting protectionism and discrimination.

• True

• False

What does GATT infer?

• Meetings between nations to change the economy

• Countries agreeing to do business to safeguard global security

• Periodic meetings to lower tariffs among member states

Its objective was to free up international trade, update, strengthen and extend the areas of international trade

• Uruguay Round

• GATT

• WTO

It is a regulation that requires a specific fraction of a final product to be produced within the country.

• An import quota

• An administrative barrier

• A domestic content requirement

What is a tariff?

• When governments want to restrict imports without formally doing so.

• These are requirements made by the importer and accepted by the exporter to avoid trade restrictions.

• It is a tax applied when a good is imported. They are the oldest form of trade policy and have been used as a source of revenue for States.

what is the objective of a tariff:

• To add the transportation cost

• to protect domestic producers against low prices resulting from import competition.

• to decrease the cost of import

A payment made to a company or individual who sells a good abroad.

• Voluntary export restrictions

• An import quota

• An export subsidy

Lowering trade barriers (customs duties or tariffs and measures such as import bans or quotas) is a way to encourage trade

• True

• False