World Trade Organization

What does WTO stand for?

• World Trade Office

• World Trade Organization

• World Trade Order

• World Trade Opportunity

What is the main purpose of the World Trade Organization?

• Facilitate political negotiations

• Regulate international trade

• Enforce local regulations

• Promote domestic trade

How many member countries are part of the WTO?

• 150

• 100

• 164

• 200

What is the role of the WTO in international trade disputes?

• The WTO acts as a distributor of resources in international trade disputes.

• The WTO acts as a weather forecaster in international trade disputes.

• The WTO acts as a fashion designer in international trade disputes.

• The WTO acts as a mediator and enforcer in international trade disputes.

Name one key principle of the WTO's trading system.

• Reciprocity

• Non-discrimination

• Tariff quotas

• Market access

How does the WTO promote transparency in trade policies?

• By imposing fines on member countries for sharing their trade policies.

• By requiring member countries to notify the organization of their trade policies and making this information publicly available.

• By keeping trade policies confidential to member countries only.

• By allowing member countries to change their trade policies without notification.

What is the significance of the Most Favored Nation (MFN) principle in the WTO?

• The MFN principle ensures equal treatment among WTO member countries in trade agreements and tariffs.

• The MFN principle only applies to developed countries

• The MFN principle encourages unfair trade practices among WTO members

• The MFN principle allows countries to discriminate against certain trading partners

Explain the concept of trade liberalization in the context of the WTO.

• Trade liberalization in the context of the WTO involves reducing barriers to international trade through negotiations to promote economic growth.

• Trade liberalization aims to restrict the flow of goods and services across borders.

• Trade liberalization in the context of the WTO focuses on promoting monopolies in global markets.

• Trade liberalization involves increasing barriers to international trade to protect domestic industries.

What are the functions of the WTO's Trade Policy Review Mechanism?

• Negotiating trade agreements, managing dispute resolution, overseeing customs procedures

• Enforcing regulations, conducting market research, setting tariffs

• Implementing environmental policies, regulating labor standards, enforcing intellectual property rights

• Monitoring, evaluating, promoting transparency, facilitating understanding, encouraging compliance

How does the WTO contribute to economic development and growth?

• By restricting international trade and imposing high tariffs

• By favoring certain member countries over others

• By ignoring disputes and conflicts among member countries

• By promoting international trade, reducing trade barriers, providing a platform for negotiations, settling disputes, and enforcing trade rules among member countries.