When did World Trade Organization replace General Agreement on Tariffs and Trade (GATT)?

Related Mcqs:

1. Suppose that the world price of tin is above the target (ceiling) price that is defined by an international commodity agreement. To move the world price toward the target price, a buffer stock agreement would require its buffer stock manager to ____ tin and an export quota agreement would require that member countries _________ their export of tin?

   A. purchase; decrease
   B. purchase; increase
   C. sell; increase
   D. sell; decrease

2. Trade creation will more likely outweigh trade diversion for Country X that forms a customs union if the level of tariffs in Country X prior to the customs union is ________ and the total number of countries forming the customs union is _________?

   A. relatively high; relatively large
   B. relatively high; relatively small
   C. relatively low ; relatively large
   D. relatively low ; relatively small

3. Concerning import tariffs of the United States empirical studies tend to conclude that these tariffs are ?

   A. Progressive and thus bear down on the wealthy
   B. regressive and thus bear down on the poor
   C. proportional and thus bear down on all consumers in the same manner
   D. deflationary and thus result in reductions in the price of imports

4. When several countries jointly impose common external tariffs, eliminate tariffs on each other, and eliminate barriers to the movement of labor and capital among themselves, they have formed a/na ?

   A. free trade area
   B. customs union
   C. common market
   D. economic union

5. Which round of international trade negotiations resulted in the creation of the World Trade Organization ?

   A. Kennedy Round of 1964-1967
   B. Tokyo Round of 1973-1979
   C. Uruguay Round of 1986-1993
   D. Doha Round of 2003-2007

6. When free trade areas are set up the member countries trade with each other grows faster than their trade with other countries This is due to what economist call ?

   A. trade diversion
   B. trade channeling
   C. trade creation and trade diversion
   D. trade creation

7. What is called a group of countries that have removed all tariffs, quotas, and export subsidies on trade among themselves ?

   A. Close-trade zone
   B. Free trade zone
   C. Both of them
   D. None of them

8. What is called the trade without restriction of tariffs, quotas, or foreign exchange controls ?

   A. Open trade
   B. Free trade
   C. Open sky trade
   D. Easy trade

9. If a group of countries abolish trade barriers between them and set same tariffs on goods coming in from other countries they are a ?

   A. common market
   B. free trade area
   C. customs union
   D. federation

10. A sudden shift from import tariffs to free trade may induce short-term unemployment in ?

    A. Import-competing industries
    B. Industries that are only exporters
    C. Industries that sell domestically as well as export
    D. industries that neither import nor export