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World trade organisation (wto) - class-XI

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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


Correct Option: D

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.


Correct Option: B

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


Correct Option: B
Explanation:

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

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


Correct Option: A

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


Correct Option: D

______ 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


Correct Option: B

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


Correct Option: A

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

  1. True

  2. False


Correct Option: A

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


Correct Option: C

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

  1. Uruguay

  2. Doha

  3. Geneva

  4. Greece


Correct Option: B

Which of the following institution is associated with Dunkel Proposals?

  1. World Bank

  2. International Monetary Fund

  3. World Trade Organization

  4. United Nations Organization


Correct Option: C

The first biennial ministerial meeting of the WTO was held in _____________.

  1. Singapore

  2. India

  3. New York

  4. London


Correct Option: A
Explanation:

The first biennial meeting of WTO was held in singapore in the year 1996

Most of the counter trade agreements involve essential items of food like ____________.

  1. Rice

  2. Barley

  3. Wheat

  4. (A) and (C)


Correct Option: D

Which one is not the source of external finance?

  1. WTO Funds

  2. World Bank Group

  3. Export Credit

  4. Foreign Direct Investment


Correct Option: A
Explanation:

The sources for external finances that are available are export credit, world bank group, foreign direct investment. The WTO funds are not a source of external finances.

TRIP is one of the WTO agreements that deal with _________.

  1. Trade in Agriculture

  2. Trade in Services

  3. Trade Related Investment Measures

  4. None of the Above


Correct Option: D
Explanation:

TRIP is one of the WTO agreements that deals with areas of intellectual property like copyright and related rights, trademarks including service marks, patents etc. 

Which among the following are important bodies of WTO?
i) Dispute Settlement Body
ii) NAFTA
iii) Trade Policy Review Body
iv) ASEAN
v) Council for Trade in Goods
vi) IBRD
vii) Council for Trade related aspects of Intellectual Property Rights.
viii) GATT
Which of the following are an appropriate combination?

  1. i, ii, iii, iv

  2. ii, iii, iv, v

  3. i, iii, v, vi

  4. iv, v, vi, viii


Correct Option: C
Explanation:

The important bodies of the World Trade Organization (WTO) are Dispute settlement bodies, trade policy review body, council for trade in goods, council for trade related aspects of intellectual property rights.

Which organisation sets the rule of trade on a global scale?

  1. World Trade Organisation

  2. World Organisation of Trade

  3. Both (A) and (B)

  4. None of the above


Correct Option: A
Explanation:

World Trade Organisation

The World Trade Organization is the only international institution that oversees the global trade rules between nations. The WTO is based on agreements signed by the majority of the world's trading nations. The main function of the organization is to help producers of goods and services, exporters, and importers protect and manage their businesses.

The first ministerial meeting of WTO was held in _________.

  1. 1994

  2. 1996

  3. 1998

  4. 2000


Correct Option: B
Explanation:
First Ministerial Meeting of the WTO: On 9th December, 1996, the first inaugural ministerial meeting of the 128 member  World Trade Organisation (WTO) was held at Singapore, which is the first of its kind since the world trade body replaced the General Agreement on Tariffs and Trade in January 1995.

Which of the following is not a major objective of the WTO?

  1. Increase international trade barriers

  2. Reduce international trade barriers

  3. Promote optimal use of world resources

  4. Create a more integrated trading system


Correct Option: A
Explanation:

The major objectives of WTO is to reduce the trade barriers, promote optimal use of world resources, create a more integrated trading system.

WTO helps promote international peace and facilitates international business.

  1. True

  2. False


Correct Option: A
Explanation:

The major objective of WTO is to promote international peace and facilitate international business.

Agreement of textile and clothing is an agreement fostered by the __________.

  1. World Bank

  2. United Nations

  3. WTO

  4. IMF


Correct Option: C
Explanation:

Agreement of textile and clothing is an agreement fostered by the WTO.

Which of the following is a function of the WTO?

  1. Laying down a commonly accepted code of conduct to reduce trade barriers

  2. Acting as a dispute settlement body

  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. All of the above


Correct Option: D
Explanation:

The functions of WTO are:

1: Laying down a commonly accepted code of conduct to reduce trade barriers.
2: Acting as a dispute settlement body.
3: Ensuring that all the rules regulations prescribed in the Act are duly followed by the member countries for the settlement of their disputes.

WTO acts as a dispute settlement body.

  1. True

  2. False


Correct Option: A
Explanation:

One of the major functions of WTO is acting as a dispute settlement body.

WTO is a successor to __________.

  1. IMF

  2. GATT

  3. ITO

  4. IMC


Correct Option: B
Explanation:

World Trade Organization (WTO) is a successor to General Agreements on Tariffs and Trade (GATT).

One of the functions of WTO is to promote an environment that is encouraging to its member countries to come forward to WTO in mitigating their grievances.

  1. True

  2. False


Correct Option: A

Identify the function(s) of WTO.

  1. WTO acts as a dispute settlement body.

  2. Supervising on a regular basis the operations of the revised Agreements and Ministerial declarations relating to goods, services and Trade Related Intellectual Property Rights (TRIPS).

  3. Laying down a commonly accepted code of conduct.

  4. All of the above


Correct Option: D

Economic growth has been fastened because of free trade.

  1. True

  2. False


Correct Option: A
Explanation:

free trade tackles the problems of jobs by creating jobs for people in the country which leads to development  and growth of the economy

Which of the following is not the objective of the WTO?

  1. To improve the standard of living of peoples of the member countries.

  2. To enlarge production and trade of goods.

  3. To protect environment.

  4. To improve the Balance of Payment situation of the member countries.


Correct Option: D

Consequent to the decision in ______ round, the GATT was transformed into World Trade Organisation (WTO).

  1. Uruguay

  2. Torquay

  3. Annecy

  4. Geneva


Correct Option: A

_____ is a member driven rule-based organisation in the sense that all the decisions are taken by the member governments on the basis of a general consensus.

  1. IMF

  2. GATT

  3. World Bank

  4. WTO


Correct Option: D

Identify the benefit(s) of World Trade Organisation.

  1. Disputes between member nations are settled with mutual consultations.

  2. Helps promote international peace and facilitates international business.

  3. Free trade improves the living standard of the people by increasing the income level.

  4. All of the above


Correct Option: D

Which of the following statements is not true about the WTO?

  1. WTO is a permanent organisation.

  2. Uruguay round gave the birth to the WTO.

  3. Ministerial Conference is the highest policy making body of the WTO.

  4. WTO was officially constituted on 1 January 1991.


Correct Option: D

Under the WTO agreements, countries cannot normally discriminate between their trading partners. This clause is popularly known as ____________.

  1. Host treatment

  2. Predictability

  3. Most-Favoured-Nation (MFN)

  4. Doha Development Agenda


Correct Option: C
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