Tag: world trade organisation

Questions Related to world trade organisation

Agreement of textile and clothing is an agreement fostered by the __________.

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. World Bank

  2. United Nations

  3. WTO

  4. IMF

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Correct Option: C
Explanation:

Agreement of textile and clothing is an agreement fostered by the WTO.

Which of the following is a function of the WTO?

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. Laying down a commonly accepted code of conduct to reduce trade barriers

  2. Acting as a dispute settlement body

  3. Ensuring that all the rules regulations prescribed in the Act are duly followed by the member countries for the settlement of their disputes

  4. All of the above

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Correct Option: D
Explanation:

The functions of WTO are:

1: Laying down a commonly accepted code of conduct to reduce trade barriers.
2: Acting as a dispute settlement body.
3: Ensuring that all the rules regulations prescribed in the Act are duly followed by the member countries for the settlement of their disputes.

WTO acts as a dispute settlement body.

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. True

  2. False

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Correct Option: A
Explanation:

One of the major functions of WTO is acting as a dispute settlement body.

WTO is a successor to __________.

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. IMF

  2. GATT

  3. ITO

  4. IMC

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Correct Option: B
Explanation:

World Trade Organization (WTO) is a successor to General Agreements on Tariffs and Trade (GATT).

One of the functions of WTO is to promote an environment that is encouraging to its member countries to come forward to WTO in mitigating their grievances.

commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. True

  2. False

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Correct Option: A

Identify the function(s) of WTO.

commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. WTO acts as a dispute settlement body.

  2. Supervising on a regular basis the operations of the revised Agreements and Ministerial declarations relating to goods, services and Trade Related Intellectual Property Rights (TRIPS).

  3. Laying down a commonly accepted code of conduct.

  4. All of the above

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Correct Option: D

GATT came into existence with effect from 1st January 1948.

commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. True

  2. False

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Correct Option: A

Economic growth has been fastened because of free trade.

commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. True

  2. False

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Correct Option: A
Explanation:

free trade tackles the problems of jobs by creating jobs for people in the country which leads to development  and growth of the economy

Which of the following is not the objective of the WTO?

commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. To improve the standard of living of peoples of the member countries.

  2. To enlarge production and trade of goods.

  3. To protect environment.

  4. To improve the Balance of Payment situation of the member countries.

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Correct Option: D

Consequent to the decision in ______ round, the GATT was transformed into World Trade Organisation (WTO).

commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. Uruguay

  2. Torquay

  3. Annecy

  4. Geneva

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Correct Option: A