Q. WTO was set up on ________________
✅ Correct Answer: (D)
1st january, 1995
Bus Economics MCQs and Notes
Q. ________________ refers to the alliance of multiple countries pursuing common goals.
✅ Correct Answer: (B)
multilateralism
Q. The ________________ was signed to create the EU in 1993.
✅ Correct Answer: (B)
treaty of maastricht
Q. A free trade area is a trade bloc where ________________
✅ Correct Answer: (C)
countries agree to reduce or eliminate tariff barriers on all goods imported from other member nations
Q. Which of the following is not a NTB?
✅ Correct Answer: (C)
tariff rate quotas
Q. Tariff rate quotas are ________________
✅ Correct Answer: (B)
low tariff rate on an initial quantity of import within the quota limit and very high tariff rate on imports above the initial amount
Q. ________________ is not an objective of commercial trade policy.
✅ Correct Answer: (A)
to determine the rate of interest
Q. Hecksher-Ohlin theory states that the relative factor prices in two countries are determined by ________________.
✅ Correct Answer: (D)
differences in factor endowments
Q. When supply of exports is elastic, a country will have ________________ terms of trade.
✅ Correct Answer: (B)
favorable