MCQ WTO and Trade Blocs (ITF) IIBF

WTO & Trade Blocs MCQs

25 Expert-Curated Questions with Detailed Analysis

⏳ Time: 25:00

🏆 Score: 0/25

1. The World Trade Organization (WTO) came into being in:

a) 1948 b) 1990 c) 1995 d) 2000

2. The WTO is the successor to which earlier agreement:

a) The United Nations b) The Bretton Woods Agreement c) GATT d) IMF

3. One of the main functions of the WTO is to:

a) Provide financial aid b) Promote political alliances c) Help trade flow freely d) Control production levels

4. The WTO provides dispute redressal for:

a) Wealthy nations b) Aggrieved countries c) Military powers d) Non-members

5. WTO members follow:

a) Protectionist policy b) Secret policy c) Transparent policy d) Unilateral policy

6. WTO dispute functions help:

a) Exploit nations b) Control economies c) Developing nations d) Avoid taxes

7. Uruguay Round created:

a) EU b) NAFTA c) WTO d) ASEAN

8. Uruguay Round covered:

a) Military b) Space c) Telecoms & IP d) Cultural

9. Doha Agenda aimed to:

a) Environment focus b) Security protocols c) Developed agenda d) Developing agenda

10. Doha Agenda added:

a) Nuclear b) Space c) Agriculture d) Travel

11. WTO principles based on:

a) Unilateralism b) Bilateralism c) Non-discrimination d) Mercantilism

12. Non-discrimination principle:

a) National Treatment b) MFN c) Fair Trade d) Absolute Advantage

13. WTO commitments based on:

a) Random b) Politics c) Detailed schedules d) Geography

14. Goods commitments include:

a) Export quotas b) Import subsidies c) Tariffs d) Production limits

15. WTO aims for:

a) Unpredictable b) Secretive c) Stable d) Volatile

16. WTO supports growth by:

a) Imposing controls b) Rigid framework c) Voice to weak d) Trade wars

17. WTO covers:

a) Military b) Space c) IP d) Culture

18. Dispute procedures require:

a) Ignore laws b) Transparency c) Protectionism d) Arbitrary tariffs

19. WTO rules are:

a) Arbitrary b) Consensus-based c) Corporate d) Non-binding

20. Ministerial Conferences held:

a) Yearly b) Biannual c) Triennial d) 5-year

21. General Council meets:

a) Annual b) Semi-annual c) Year-round d) Ministerial

22. WTO helps businesses:

a) Unfair b) Barriers c) Conduct d) Avoid

23. General Council location:

a) NYC b) Geneva c) DC d) Brussels

24. Early GATT focused on:

a) Services b) IP c) Tariffs d) Environment

25. WTO ensures consumers get:

a) High prices b) Limited choice c) Secure supplies d) Unfair