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WorksheetsInternational Trade Law Quiz 1
Total questions: 13
Worksheet time: 33mins
Which of the following according to you is not an objective of WTO?
entering into reciprocal and mutually advantageous arrangements directed to the substantial reduction of tariffs and other barriers
achieving greater coherence in global economic policy-making
optimal use of the world's resources in accordance with sustainable development
develop an integrated, more viable and durable multilateral trading system encompassing the General Agreement on Tariffs and Trade
What according to you is the one most important function of WTO and why?
One of the functions of WTO is review of trade policies being conducted by the TPRB. What is the frequency of reviews for Least Developed countries?
2 years
4 years
6 years
8 years
When we look at the origin of WTO, what is the significance of the time period from 1990-1994?
According to you, which of the following is a reason for countries to enter into international trade agreements?
Imposition of restrictions
Involvement of higher risk
Separation of buyer and seller
Patterns of specialization
Free trade leads to fair trade. In your opinion, is the said statement correct?
What are kinds of agreements which are not administered by the WTO?
Bilateral Agreements
Plurilateral agreements
Multilateral Agreements
Agreement on Agriculture
Which of the following Plurilateral Agreement is in force currently?
International Bovine Meat Agreement
Information Technology Agreement
International Dairy Agreement
Agreement on Trade-Related Aspects of Intellectual Property Rights
Which are the current types of members in the WTO?
What is the full form of SPS?
(a)
How is Absolute advantage different from Comparative Advantage?
Absolute advantage arises when one country is efficient over another, whereas, comparative advantage puts both the countries at the same footing
Comparative advantage is a subset of absolute advantage
Absolute advantage arises when both countries are equally efficient in a trade relation, whereas, comparative advantage is based on the extent to which one country is efficient than the other
Absolute advantage is a subset of comparative advantage
It is believed that developing countries and LDCs need to import products from different nations due to various factors. However, why do developed countries need to undertake trade or enter into trade agreements?
(Mention two reasons only)
How does WTO achieve cooperation with other agencies like IMF and World Bank?
Higher coordination, regular consultations, fund assistance and technical assistance and training
Establishing transparency mechanism and Information exchange
WTO approves and finalizes the funding requirement of different countries that is provided by IMF and World Bank
WTO member countries are ex-officio members of IMF and World Bank which leads to smoother cooperation and understanding
