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

Related Mcqs:

1. 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

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

   A. 1st January 1995
   B. 1st January 1998
   C. 1st December 1999
   D. 1st June 2000

   Submitted by: Syed Nizakat Ali Shah

3. 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

4. The organization that currently establishes rules of conduct for firms engaging in international trade is the ?

   A. World Bank
   B. International Trade Commission
   C. Department of justice
   D. World Trade Organization

5. Following World War II the United States and other countries sought to liberalize trade among each other the first major postwar step toward trade liberalization was the ?

   A. General Agreement on Tariffs and Trade
   B. World Trade Organization
   C. Smoot Hawley Organization
   D. McKinley Agreement on Trade policy

6. All of the following are fundamental to the World Trade Organization except ?

   A. bilateral tariff reductions to promote trade liberalization
   B. the use of the most-favored nation clause (normal trade relations)
   C. nondiscrimination in trading relationships
   D. the prohibition of import quotas and export quotas

7. The World Trade Organization is sometimes criticized for all of the following reasons except?

   A. it reduces the sovereignty of member countries
   B. favors free trade over the quality of the environment
   C. it has no way to solve trade disputes among member countries
   D. it is a puppet of multinational corporations

8. With free trade suppose that the rest of the world can supply computers to Norway at a price of $1,500 Norway’s imports will now equal. Compared to What occurred in the absence of trade, Norway’s consumers surplus will _____ and its producer surplus will ____. Can you calculate these amounts? Try plotting the information of this table on a sheet of graph paper ?

   A. 1,600 computers, decrease, increase
   B. 1,600 computers, increase, decrease
   C. 1,200 computers, decrease, increase
   D. 1,200 computers, increase, decrease

9. With free trade, suppose that the rest of the world can supply calculators to Canada at a price of $30. Canada’s imports would now equal _____ and its consumer surplus would ____ relative to what occurred in the absence of trade. What is the change in consumer surplus? Refer to the figure that you have plotted ?

   A. 20 calculators increase
   B. 25 calculators decrease
   C. 25 calculators increase
   D. 30 calculators increase

10. Members of the EU find that trade creation|| is fostered when their economies are ?

    A. highly competitive
    B. highly noncompetitive
    C. small in economic importance
    D. geographically distant