Question :
111.The _____ was created to implement the GATT agreement.
A. World : 1299315
111.The _____ was created to implement the GATT agreement.
A. World Bank
B. World Trade Organization
C. International Trade Commission
D. International Monetary Fund
E. World Economic Forum
112.Which of the following organizations, established in 1995 under the provisions of the Uruguay Round, has taken over the responsibility to arbitrate trade disputes and monitor the trade policies of member countries?
A. World Bank
B. World Trade Organization
C. International Trade Commission
D. International Monetary Fund
E. World Economic Forum
113.The WTO’s Agreement on _____ is an attempt to narrow the gaps in the way intellectual property rights are protected around the world and to bring them under common international rules.
A. Intellectual Property Rights Enforcement Directive (IPRED)
B. Court of Arbitration of Intellectual Property (CAIP)
C. Trade-Related Aspects of Intellectual Property Rights (TRIPS)
D. Intellectual Property Rights Enforcement and Resolution (IPER)
E. International Body on Intellectual Property (IBIP)
114.Which of the following indicates the difference between GATT and WTO?
A. WTO has strict time limits unlike GATT.
B. WTO operates on the basis of consensus unlike GATT.
C. GATT gives trading partners the right to compensation or, in the last resort, to impose (commensurate) trade sanctions unlike WTO.
D. GATT’s verdict is binding unlike that of WTO’s.
E. WTO allows member-countries to block adoption of arbitration reports unlike GATT.
115.Which of the following is true regarding the difference between GATT and WTO?
A. The WTO was encouraged to extend its reach to encompass regulations governing foreign direct investment unlike GATT.
B. WTO operates on the basis of consensus unlike GATT.
C. GATT gives trading partners the right to compensation or, in the last resort, to impose (commensurate) trade sanctions unlike WTO.
D. GATT’s verdict is binding unlike that of WTO’s.
E. WTO allows member-countries to block adoption of arbitration reports unlike GATT.
116.Which of the following industries was the first to be targeted for reform under WTO regulations governing foreign direct investment?
A. Agricultural industry
B. Aviation industry
C. Global telecommunication industry
D. Defense industry
E. Pharmaceutical industry
117.The WTO was encouraged to extend its reach to encompass regulations governing foreign direct investment, something the GATT had never done. Two of the first industries targeted for this reform were:
A. global telecommunication and financial services industries.
B. scientific research and defense sector.
C. pharmaceuticals and heavy metal industry.
D. pharmaceuticals and biotechnology.
E. scientific research and global telecommunication.
118.Which of the following countries, with minor exceptions, is fully open to inward investment by foreign banks, insurance, and security companies?
A. Russia
B. Cuba
C. Venezuela
D. The United States
E. Indonesia
119.Which of the following is a loopholes in antidumping laws that is being exploited by many countries to pursue protectionism?
A. The slackness of enforcement agencies
B. WTO’s non-committal approach to antidumping laws
C. Bilateral VERs which subvert antidumping laws
D. The rather vague definition of what constitutes “dumping”
E. Lack of consensus among member nations
120.Myra is a firm producing premium hand bags for women. These bags are manufactured and patented in the country of Ceria. Manufactures in the country of Argonia create counterfeit Myra bags and sell them in the local markets of Argonia. These bags are sold at almost similar prices to the original in other countries. According to the given info, which of the following is likely to happen?
A. Expansion of world market for Cerian products
B. Reduction in the export opportunities for Myra’s hand bags in Argonia
C. Reduction in import of all Argonian goods
D. Increase in the prices of handbags produced by Myra in Argonia
E. Reduction in opportunities of export from Argonia to other countries
