Worksheetsaruzh
Total questions: 12
Worksheet time: 6mins
What is the primary purpose of the World Trade Organization (WTO)?
To regulate national economic policies
To promote and facilitate international trade
To impose trade sanctions on non-compliant countries
To monitor domestic markets of member countries
When was the WTO established?
1945
1995
1980
2000
Which of the following is a key function of the WTO?
Setting global tariffs on all goods
Enforcing international agreements on trade
Overseeing the distribution of foreign aid
Approving new trade alliances between countries
Which of the following trade principles is most associated with the WTO?
Protectionism
Free trade and non-discrimination
Quotas on imports
Export subsidies
What does the "Most Favored Nation" (MFN) principle mean in the WTO context?
Countries must treat all other WTO members equally in trade agreements
The WTO allows countries to prioritize their most important trading partners
Countries can only trade with nations that offer the best economic deals
Countries can change trade terms based on geopolitical relations
Which of the following is NOT a function of the WTO?
Facilitating the negotiation of trade agreements
Settling trade disputes between countries
Monitoring and reviewing national trade policies
Imposing mandatory tariffs on all trade
Which of the following agreements is a significant part of the WTO framework?
The Paris Agreement on climate change
The General Agreement on Tariffs and Trade (GATT)
The North American Free Trade Agreement (NAFTA)
The World Health Organization’s (WHO) regulations
Which of the following is true about the dispute resolution mechanism of the WTO?
Disputes are handled through a simple negotiation process
All WTO disputes are resolved by the United Nations
The WTO has a formal panel to adjudicate trade disputes between member countries
The WTO only resolves disputes involving intellectual property
How many member countries did the WTO have in 2023?
120
150
164
200
Which of the following is a principle of the WTO's trade policy review mechanism?
Countries must reduce all tariffs to zero
Each member country’s trade policies are periodically reviewed by other members
Only large economies are subject to trade policy reviews
Reviews are based on the most recent annual trade data
Which of the following does the WTO aim to achieve through trade liberalization?
A decrease in foreign investments
Increased tariffs to protect domestic industries
Reduced barriers to trade and increased market access
A uniform standard of living for all WTO members
Which of the following regions has a preferential trade agreement that works in conjunction with the WTO?
European Union (EU)
The Organization of Petroleum Exporting Countries (OPEC)
International Monetary Fund (IMF)
United Nations (UN)
