71
The institutional framework developed in 1947 to promote trade liberalisation is known as
A)
the WTO
B)
the GATT
C)
the IMF
D)
the World Bank
Answer & Solution
Answer: Option
B
72
Firm that operates internationally is able to
A)
earn a greater return from their skills and core competencies
B)
realise location economies where they can be performed most efficiently
C)
realise greater experience curve economies, which reduces the cost of production
D)
all of the above
Answer & Solution
Answer: Option
D
73
The forum which reviews the trade policies of all WTO member countries is which one of the following?
A)
DSB
B)
TPRB
C)
TRIPS
D)
General Council
Answer & Solution
Answer: Option
B
74
In dispute resolution mechanism of the WTO regime, the collapse of the Doha Round talks at Cancun in September 2003 has been attributed to which one of the following?
A)
Subsidies in agriculture and agricultural domestic support policies of developed nations
B)
Measures on protecting intellectual property rights of innovators
C)
Agreement on Textiles and Clothing (ATC) under Multi Fibre Arrangement (MFA)
D)
Trade in the shape of individuals travelling to foreign countries to supply services
Answer & Solution
Answer: Option
A
75
Does the WTO apply its frame work in exactly the same fashion throughout the world?
A)
Yes, the WTO applies its framework in exactly the same way throughout the world
B)
Yes, the WTO applies its framework in exactly the same way around the world, unless it deals with trade blocks
C)
No, the WTO makes allowance for regional variation
D)
No, the WTO makes allowance for variation in the case of economically stronger countries
Answer & Solution
Answer: Option
C
76
The following statements relate to transnationally. Choose the correct answer.Statement I Import of techniques and machinery is a mode of technology transfer.Statement II Technology transferred through government for common welfare is considered as free market transfer and is not subject to patent laws.
A)
Statement I is correct, but Statement II is incorrect
B)
Statement II is correct, but Statement I is incorrect
C)
Both statements are correct
D)
Both statements are incorrect
Answer & Solution
Answer: Option
C
77
The home country government can confiscate the revenue effect of an import quota if
A)
quota licenses are given to foreign exporting companies
B)
quota licenses are auctioned to the highest bidding importing company
C)
quota licenses are given to domestic consumers of the good
D)
both A and C
Answer & Solution
Answer: Option
B
78
Globalisation is a term used to describe the process of removal of restrictions on which of the following?
A)
Foreign trade
B)
Investment
C)
Both A and B
D)
None of these
Answer & Solution
Answer: Option
C
79
Which trade group, among the following holds 'Tamil' as one of its official language?
A)
ASEAN
B)
SAARC
C)
BRICS
D)
MINT
Answer & Solution
Answer: Option
A
80
Which of the following statements represent the objectives of AoA?
A)
To endorse the rural economies of the member countries but not with the help of policies that distorts trade
B)
To promote a process of reforms in the trade of agricultural products. The countries were required to reduce the agricultural support i.e. agricultural subsidies to their domestic farmers
C)
To create an honest, fully transparent and market oriented agricultural trade system
D)
All of the above
Answer & Solution
Answer: Option
D
