MCQ IIBF-ITF

Score: 0/5

Role of WTO and Trade Blocks in Global Economy

The World Trade Organization (WTO) establishes global trade rules through multilateral agreements, while trade blocks like NAFTA and EU promote regional economic integration...

Key Differences

• WTO: Multilateral, 164 members
• Trade Blocks: Regional, deeper integration

Case Study: US-Shrimp Import Ban

WTO ruled against US import restrictions in 1998, demonstrating its dispute resolution mechanism...

BEGINNER

1. What does WTO stand for?

World Trade Organization
World Tariff Organization
World Transaction Office

WTO stands for World Trade Organization, the global international organization dealing with trade rules.

MEDIOCRE

2. Which principle prohibits discrimination between WTO members?

MFN
National Treatment
Both

Both Most Favored Nation (MFN) and National Treatment principles work to prevent discrimination.

ADVANCED

3. Which agreement covers intellectual property rights under WTO?

TRIPS
GATS
ATC

TRIPS (Trade-Related Aspects of Intellectual Property Rights) agreement sets IP standards.

ADVANCED

4. What was the primary outcome of the US-Shrimp case?

Ban on US shrimp imports
WTO upheld environmental protections
WTO ruled against discriminatory trade practices

WTO ruled US import restrictions violated MFN principle while recognizing environmental concerns.

BEGINNER

5. Which is NOT a trade block?

NAFTA
ASEAN
IMF

IMF is international financial institution, not a trade block.