Question 1

General Agreements on Tariffs and Trade (GATT) was negotiated after:
A)World War I.
B)World War II.
C)the Korean war.
D)the Vietnam war
E)None of the above.

Accepted Answer

The General Agreement on Tariffs and Trade (GATT) was negotiated after World War II, in 1947, as part of efforts to rebuild the international economic system.

Question 2

Which country consistently achieves the highest growth rates in GDP?
A)United States
B)Germany
C)Japan
D)Vietnam
E)China

Accepted Answer

China has consistently achieved high GDP growth rates over the past few decades, making it one of the fastest-growing major economies in the world.

Question 3

Which nation is the world's second largest exporter?
A)United States
B)China
C)Netherlands
D)Germany
E)Japan

Accepted Answer

The answer of Which nation is the world's second largest...

Question 4

As of April 26, 2015, the World Trade Organization (WTO) has _________ member countries.
A)123
B)135
C)142
D)161
E)180

Accepted Answer

As of April 26, 2015, the World Trade Organization (WTO) had 161 member countries.

Question 5

Which of the following countries got full membership to the WTO during the Doha Round of meetings?
A)China and Russia
B)Russia and Taiwan
C)China and Taiwan
D)China, Taiwan, and Russia
E)Burma

Accepted Answer

China and Taiwan both gained full membership to the World Trade Organization (WTO) during the Doha Round of meetings in 2001. Russia joined later in 2012.

Question 6

The World Trade Organization was created in the eighth round of the GATT talks-called the ________________________ that lasted from 1986 to 1994.
A)Brussels Round
B)Paris Round
C)Morocco Round
D)Paraguay Round
E)None of the above

Accepted Answer

The World Trade Organization (WTO) was created as a result of the Uruguay Round of GATT talks, not any of the options listed.

Question 7

Perhaps the most important accomplishment of the Uruguay round of GATT talks was the establishment of the __________.
A)World Trade Organization
B)Asian Development Bank
C)World Bank
D)International Monetary Fund
E)International Finance Corporation

Accepted Answer

The Uruguay Round of the General Agreement on Tariffs and Trade (GATT) talks, which concluded in 1994, led to the establishment of the World Trade Organization (WTO) in 1995. The WTO succeeded GATT as the global organization overseeing international trade rules.

Question 8

One of the differences between WTO and GATT is that WTO's dispute settlement mechanism is:
A)inferior.
B)faster and more automatic.
C)very limited.
D)controlled by the World Bank.
E)controlled by the negotiation section of the United Nations.

Accepted Answer

The World Trade Organization (WTO) has a dispute settlement mechanism that is faster and more automatic compared to the General Agreement on Tariffs and Trade (GATT), making it more effective in resolving trade disputes between countries.

Question 9

The agenda for the Doha Round of WTO meeting an accord on Trade Related Aspects of Intellectual Property Rights (TRIPS) ensuring that patent protection does not block developing countries' access to what?
A)The Internet
B)Affordable medicines
C)Lower tariffs for their exports
D)Foreign aid from the WTO and the U.S.
E)Green energy

Accepted Answer

The Doha Round of WTO discussions included a focus on the TRIPS agreement, specifically aiming to ensure that patent protection does not hinder developing countries' access to affordable medicines. This was a key concern to address public health issues in these countries.

Question 10

The World Trade Organization (WTO) took effect on _________,
A)January 1, 1994
B)January 1, 1995
C)January 1, 1996
D)January 1, 2011
E)January 1, 2017

Accepted Answer

The World Trade Organization (WTO) officially commenced on January 1, 1995, replacing the General Agreement on Tariffs and Trade (GATT) that was established in 1948.

Question 11

With which country did the U.S.have a trade deficit over $376 billion in 2017?
A)United States
B)China
C)Netherlands
D)Germany
E)Japan

Accepted Answer

The U.S. had a trade deficit of over $376 billion with China in 2017, making it the country with the largest trade deficit with the United States that year.

Question 12

Which nation is the world's third largest exporter?
A)United States
B)China
C)Netherlands
D)Germany
E)Japan

Accepted Answer

Germany is the world's third largest exporter, following China and the United States.

Question 13

Which of the following countries is not considered to be a big emerging market?
A)Mexico
B)Brazil
C)Russia
D)India
E)China

Accepted Answer

Mexico is not typically classified among the largest emerging markets, which are often referred to as the BRIC countries (Brazil, Russia, India, and China). These countries are distinguished by their large populations, significant economic potential, and considerable impact on global affairs.

Question 14

Why was the December, 1999, WTO meeting in Seattle postponed?
A)Weather
B)Transportation strike
C)High crime
D)Protests
E)Death of a major world leader

Accepted Answer

The December 1999 WTO meeting in Seattle was postponed due to massive protests. These protests were against globalization and the WTO's policies, and they attracted thousands of participants, leading to significant disruptions.

Question 15

In December 1999, WTO launched what would have become the beginning of a ___________ round of negotiations in Seattle, Washington.
A)fifth
B)sixth
C)seventh
D)eighth
E)ninth

Accepted Answer

The WTO launched the beginning of the ninth round of negotiations in Seattle, Washington, in December 1999, which is commonly referred to as the Doha Development Round.

Question 16

The World Trade Organization's (WTO) ninth round of trade talks which were launched in November 2001 were called:
A)the Doha Round.
B)the Seattle Round.
C)the Geneva Round
D)the New York Round.
E)the London Round.

Accepted Answer

The ninth round of trade talks launched by the WTO in November 2001 is known as the Doha Round, named after Doha, Qatar, where the talks were initiated.

Question 17

Doha's Development Agenda (Doha Round) includes new trade talks-an actions program to resolve developing countries' complaints about the implementation of Uruguay Round agreements, and an accord on ____________________________.
A)Trade Related Aspects of Intellectual Property Rights
B)Services Related Aspects of Intellectual Property Rights
C)Regional Related Aspects of Intellectual Property Rights
D)Local Related Aspects of Intellectual Property Rights
E)National Related Aspects of Intellectual Property Rights

Accepted Answer

The Doha Development Agenda includes an accord on Trade Related Aspects of Intellectual Property Rights (TRIPS), addressing issues related to the protection and enforcement of intellectual property rights in the context of international trade.

Question 18

Which nation is the world's largest exporter?
A)United States
B)China
C)Netherlands
D)Germany
E)Japan

Accepted Answer

China is recognized as the world's largest exporter, leading in the global trade by exporting a wide range of goods to countries all around the world.

Question 19

The World Trade Organization (WTO) was created in the _____________ of GATT talks---called the Uruguay Round.
A)fifth round
B)sixth round
C)seventh round
D)eighth round
E)ninth round

Accepted Answer

The World Trade Organization (WTO) was established as a result of the eighth round of General Agreement on Tariffs and Trade (GATT) talks, known as the Uruguay Round.

Question 20

The main operating principle of the General Agreements of Tariffs and Trade (GATT) was the concept of normal trade relations (NTR) status, formerly known as:
A)Early Favored Nation status.
B)Most Favored Nation status.
C)Late Favored Nation status.
D)World Trade status.
E)Best Nation status.

Accepted Answer

The main operating principle of the General Agreement on Tariffs and Trade (GATT) was the concept of Most Favored Nation (MFN) status, which means that any trade advantage, such as a lower customs duty rate, given by one GATT member to another country must be extended to all GATT members. This principle was aimed at promoting equality in international trade.

Quiz 2: Economic Environment

General Agreements on Tariffs and Trade (GATT) was negotiated after:

Which country consistently achieves the highest growth rates in GDP?

Which nation is the world's second largest exporter?

As of April 26, 2015, the World Trade Organization (WTO) has _________ member countries.

Which of the following countries got full membership to the WTO during the Doha Round of meetings?

The World Trade Organization was created in the eighth round of the GATT talks-called the ________________________ that lasted from 1986 to 1994.

Perhaps the most important accomplishment of the Uruguay round of GATT talks was the establishment of the __________.

One of the differences between WTO and GATT is that WTO's dispute settlement mechanism is:

The agenda for the Doha Round of WTO meeting an accord on Trade Related Aspects of Intellectual Property Rights (TRIPS) ensuring that patent protection does not block developing countries' access to what?

The World Trade Organization (WTO) took effect on _________,

With which country did the U.S.have a trade deficit over $376 billion in 2017?

Which nation is the world's third largest exporter?

Which of the following countries is not considered to be a big emerging market?

Why was the December, 1999, WTO meeting in Seattle postponed?

In December 1999, WTO launched what would have become the beginning of a ___________ round of negotiations in Seattle, Washington.

The World Trade Organization's (WTO) ninth round of trade talks which were launched in November 2001 were called:

Doha's Development Agenda (Doha Round) includes new trade talks-an actions program to resolve developing countries' complaints about the implementation of Uruguay Round agreements, and an accord on ____________________________.

Which nation is the world's largest exporter?

The World Trade Organization (WTO) was created in the _____________ of GATT talks---called the Uruguay Round.

The main operating principle of the General Agreements of Tariffs and Trade (GATT) was the concept of normal trade relations (NTR) status, formerly known as: