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

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

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

Which of the following body is not related to the WTO?

  1. Dispute Settlement Body

  2. Trade Policy Review Body

  3. Council of trade in goods

  4. Exchange Rate Management Body
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The World Trade Organization (WTO) deals with trade rules and disputes; it does not manage exchange rates, which is typically the domain of the International Monetary Fund (IMF).

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

One of the major objectives of the WTO is _________.

  1. Holding consultations with IMF and IBRD and its affiliated agencies.

  2. To promote an integrated, more viable and durable trading system.

  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. The system encourages good government.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A primary objective of the WTO is to facilitate the flow of trade by promoting an integrated, viable, and durable multilateral trading system.

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

In which meeting was the idea of the WTO first coined?

  1. Development of poor nations conference

  2. Bretton woods conference

  3. Distribution of wealth meet

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Bretton Woods conference was the meeting which coined the idea of World Trade Organization (WTO) and International Monetary Funds (IMF).

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

Though the WTO has various benefits to its member countries, it has often been criticised for trade rules which are still unfavourable towards developing countries.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The WTO is frequently criticized by developing nations for trade rules that may favor developed economies, such as agricultural subsidies or intellectual property rights.

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

Bretton Woods conference agreed upon having some arrangement among themselves so as to liberalise the world. The arrangement is known as __________.

  1. Tariff

  2. Customs

  3. International Trade Organization

  4. General Agreement for Tariffs and Trade
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The General Agreement on Tariffs and Trade (GATT) was the precursor to the WTO, established after the Bretton Woods conference to reduce trade barriers.

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

______ helps fostering growth of developing countries by providing them with special and preferential treatment in trade related matters.

  1. World Bank

  2. WTO

  3. IMF

  4. ITO
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The WTO provides special and differential treatment provisions to developing countries, allowing them more flexibility and longer timeframes to implement trade agreements.

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

Which of the followings are called Brettonwoods Twins?

  1. IMF & International Bank for Reconstruction and Development (IBRD)

  2. IMF & World Trade Organisation

  3. IBRD & World Trade Organisation

  4. None of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD, part of the World Bank Group) were both established at the 1944 Bretton Woods Conference and are commonly called the Bretton Woods Twins.

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

Any state or customs territory having full autonomy in the conduct of its trade policies may join the WTO.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The WTO membership is open to any state or customs territory that possesses full autonomy in the conduct of its external trade policies. This ensures that only entities capable of fulfilling WTO obligations can join.

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

All major decisions are made by the membership as a whole, either by ministers who usually meet _____ or by their ambassadors or delegates.

  1. at least twice every two years

  2. each year

  3. at least once every two years

  4. when requied
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The WTO Ministerial Conference is the highest decision-making body and is required to meet at least once every two years. Between these sessions, the General Council performs the functions of the Ministerial Conference.

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

The ________ Round was officially launched at the WTOs Fourth Ministerial Conference in Qatar, in November 2001.

  1. Uruguay

  2. Doha

  3. Geneva

  4. Greece
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Doha Development Agenda, or Doha Round, was initiated at the Fourth Ministerial Conference held in Doha, Qatar, in November 2001.