Answer: General Agreement on Trade in Services. GATS is the General Agreement on Trade in Services.
What does TRIPS stand for in WTO terminology?
A Trade-Related Aspects of Intellectual Property Rights
B Treaty Rules on Imports, Ports and Shipping
C Trade Regulations for International Product Standards
D Tariff Review and Inspection Procedures
Answer: Trade-Related Aspects of Intellectual Property Rights. TRIPS is the WTO agreement on trade-related aspects of intellectual property rights.
Which agreement contains many WTO rules for trade in goods?
A GATS
B GATT
C TRIPS
D DSU
Answer: GATT. GATT is the General Agreement on Tariffs and Trade, covering trade in goods.
Which WTO body includes all members and is the organization’s top authority?
A General Council only
B Dispute Settlement Body only
C Ministerial Conference
D Trade Policy Review Body only
Answer: Ministerial Conference. The Ministerial Conference, composed of members’ representatives, is the WTO’s highest decision-making body.
What generally happens to the General Council when it meets to handle disputes?
A It becomes the IMF Board of Governors
B It becomes the UN Security Council
C It is replaced by the World Bank
D It can meet as the Dispute Settlement Body
Answer: It can meet as the Dispute Settlement Body. The General Council also convenes as the Dispute Settlement Body to address trade disputes.
What is the WTO’s dispute settlement system intended to do?
A Help resolve trade disputes under agreed rules
B Set exchange rates between currencies
C Award international patents
D Allocate humanitarian food aid
Answer: Help resolve trade disputes under agreed rules. The WTO dispute settlement system provides procedures for resolving disagreements over trade rules.
Which organization replaced the GATT framework in 1995?
A International Monetary Fund
B World Trade Organization
C International Finance Corporation
D World Health Organization
Answer: World Trade Organization. The WTO began in 1995, succeeding the GATT framework that had operated since 1948.
What is the WTO’s location?
A Washington, D.C.
B Paris, France
C Geneva, Switzerland
D The Hague, Netherlands
Answer: Geneva, Switzerland. The WTO Secretariat is located in Geneva, Switzerland.
Which WTO body regularly reviews member governments’ trade policies?
A World Heritage Committee
B IMF Executive Board
C ILO Governing Body
D Trade Policy Review Body
Answer: Trade Policy Review Body. The Trade Policy Review Mechanism reviews members’ trade policies to improve transparency.
What does the WTO do when members negotiate new trade rules?
A Provides a forum for negotiations
B Imposes national laws without members
C Sets domestic wage levels
D Approves countries’ military alliances
Answer: Provides a forum for negotiations. The WTO serves as a forum for members to negotiate trade agreements and rules.
Which principle is intended to discourage discrimination between imported and domestic like products?
A Most-favoured-nation treatment only
B National treatment
C Non-refoulement
D Collective defence
Answer: National treatment. National treatment addresses equal treatment of imported and domestic products after entry into the market.
Which principle generally extends a trade advantage granted to one WTO member to other members?
A National treatment
B Precautionary principle
C Most-favoured-nation treatment
D Permanent sovereignty
Answer: Most-favoured-nation treatment. Most-favoured-nation treatment is the WTO’s basic rule against discrimination among trading partners.
When was the General Agreement on Tariffs and Trade first put into operation?
A 1995
B 1967
C 2001
D 1948
Answer: 1948. GATT governed multilateral trade in goods from 1948 until the WTO was established in 1995.
Where was the WTO agreement signed in 1994?
A Marrakesh, Morocco
B Doha, Qatar
C Geneva, Switzerland
D Rome, Italy
Answer: Marrakesh, Morocco. The WTO’s founding Marrakesh Agreement was signed in Marrakesh, Morocco.
What does the WTO’s Secretariat mainly do?
A Set binding tax rates for every country
B Support the organization’s work and member activities
C Replace national trade ministries
D Issue currency reserves to members
Answer: Support the organization’s work and member activities. The WTO Secretariat supports the organization and its member-driven work.
Who makes the WTO’s major decisions?
A The Secretariat acting alone
B The IMF Managing Director
C Member governments
D The International Court of Justice
Answer: Member governments. Major WTO decisions are made by member governments, through ministers or their delegates.
Which WTO activity can help officials from developing economies build trade-policy skills?
A Military exercises
B International tourism licensing
C Public-health vaccination campaigns
D Technical cooperation and training
Answer: Technical cooperation and training. The WTO runs technical cooperation missions and trade-policy courses for officials.
Which WTO agreement covers services such as cross-border business services?
A GATS
B GATT
C TRIPS
D Marrakesh Treaty on Copyright
Answer: GATS. GATS provides the multilateral framework for trade in services.
Which subject is covered by the TRIPS Agreement?
A International exchange-rate policy
B Intellectual property rights related to trade
C Labour inspection standards
D World food reserves
Answer: Intellectual property rights related to trade. TRIPS covers trade-related aspects of intellectual property rights.
How is the WTO different from the IMF?
A The WTO manages exchange-rate surveillance; the IMF governs trade agreements
B The WTO is a military alliance; the IMF is a health agency
C The WTO deals with trade rules; the IMF focuses on monetary and financial cooperation
D The WTO protects heritage; the IMF coordinates aviation
Answer: The WTO deals with trade rules; the IMF focuses on monetary and financial cooperation. The WTO addresses trade rules, while the IMF focuses on international monetary and financial issues.
What kind of organization is the WTO?
A A regional development bank
B A specialized military alliance
C A global public-health agency
D A member-driven global organization for trade rules
Answer: A member-driven global organization for trade rules. The WTO is a global, member-driven organization dealing with rules of trade between nations.
What does the WTO do to make members’ policies more transparent?
A Reviews trade policies through its review mechanism
B Publishes members’ national budgets for them
C Approves all customs officers
D Sets every member’s tariff levels
Answer: Reviews trade policies through its review mechanism. The WTO’s Trade Policy Review Mechanism promotes transparency through periodic reviews.
Which round of negotiations preceded the WTO’s creation?
A Doha Round
B Uruguay Round
C Geneva Round
D Tokyo Round
Answer: Uruguay Round. The Uruguay Round led to the WTO’s establishment in 1995.
Where was the Doha Development Agenda launched in 2001?
A Marrakesh, Morocco
B Bretton Woods, United States
C Doha, Qatar
D Brussels, Belgium
Answer: Doha, Qatar. The Doha Development Agenda began at the WTO ministerial conference in Doha.
When did the WTO begin its work as an organization?
A 15 April 1994
B 1 January 1948
C 1 January 1995
D 8 August 1967
Answer: 1 January 1995. The WTO was established and began operating on 1 January 1995.