Tag: introduction, status, objectives, features, scope and functions of the wto

Questions Related to introduction, status, objectives, features, scope and functions of the wto

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

_____ is a member driven rule-based organisation in the sense that all the decisions are taken by the member governments on the basis of a general consensus.

commerce 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. World Bank

  4. WTO

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Correct Option: D

Identify the benefit(s) of World Trade Organisation.

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

  1. Disputes between member nations are settled with mutual consultations.

  2. Helps promote international peace and facilitates international business.

  3. Free trade improves the living standard of the people by increasing the income level.

  4. All of the above

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Correct Option: D

Which of the following statements is not true about 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. WTO is a permanent organisation.

  2. Uruguay round gave the birth to the WTO.

  3. Ministerial Conference is the highest policy making body of the WTO.

  4. WTO was officially constituted on 1 January 1991.

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Correct Option: D

Under the WTO agreements, countries cannot normally discriminate between their trading partners. This clause is popularly known as ____________.

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

  1. Host treatment

  2. Predictability

  3. Most-Favoured-Nation (MFN)

  4. Doha Development Agenda

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Correct Option: C