TM 417C MIDTERM EXAM/LONG QUIZ

The name used at the WTO to describe the four major industrialized-country markets which initiated the ITA. Which of the following country groupings represents the Quad Countries?

• None of the choices

• China, Japan, European Union, United States

• European Union, United States, Australia, China

• Canada, European Union, Japan, United States

It refers to multilateral agreement which spans on industrial goods and fish and fish products and aims to reduce or eliminate tariffs as well as non-tariff barriers, in particular on products of export interests to developing countries.

• General Agreements on Tariffs and Trade

• None of the choices

• Agreement on Agriculture

• Non-Agricultural Market Access

Which one among the following is correct about “Tariffication”?

• The systematic and gradual elimination or reduction of high tariffs on agricultural products

• The removal of non-tariff barriers on all industrial commodities and converting them into equivalent tariff values

• Procedures relating to the agricultural market access provision in which all non-tariff measures are converted into tariffs

• A process of converting import tariffs of WTO members into quantitative restriction types of tariffs

Which among the following choices implements and administers importation covered by the MAV Scheme under the WTO Agreement on Agriculture in the Philippines?

• MAV Scheme Committee

• MAV Committee

• Department of Agriculture

• None of the choices

She is the seventh Director-General of the WTO. She took office on 1 March 2021, becoming the first woman and the first African to serve as Director-General.

• Ngozi Okonjo-Iwela

• Ngozi Okonjo-Iweala

• Eduardo Pedrosa

• Eduard Pedrosa

It provides some forms of legal assistance in the dispute settlement process and advises governments wishing to become members of the WTO.

• General Council

• WTO Secretariat

• Ministerial Conference

• None of the choices

What is the main approach that WTO members have adopted to promote economic growth and development?

• Trade Restriction

• Elimination of Trade Barriers

• None of the choices

• Trade Liberalization

A country can change its bindings, but only after negotiating with its trading partners, which could mean compensating them for loss of trade. If satisfaction is not obtained, what can the complaining country invoke?

• Waiver

• Circumvention

• WTO dispute settlement procedures

• None of the choices

The in-quota tariff rate of duty shall apply for importations that are within the MAV provided for an agricultural product. The out-quota tariff rate of duty shall apply when the importation is in excess of the MAV specified for an agricultural product.

• Only first statement is true.

• Only second statement is true.

• Both statements are true.

• Both statements are false.

It acts on behalf of the Ministerial Conference.

• Minister Council

• Generic Council

• None of the choices

• WTO Secretariat