1. General Agreement on Tariffs and Trade 5.

When did World Trade Organisation come

(GATT) went into effect? into effect?

(a) 1945 (a) February 5, 1994

(b) 1948 (b) January 1, 1995

(c) 1946 (c) March 6, 1996

(d) 1947 (d) April 8, 1994

2. GATT was originally signed by how many 6. By the backing of how many founder

countries including the USA? members was WTO established?

(a) 22 (a) 80

(b) 20 (b) 82

(c) 23 (c) 85

(d) 25 (d) 84

3. Name the agreement which was signed by the 7. WTO comes as the third economic pillar of

United States. Canada and Mexico towards world-wide dimensions along with the

removing trade barriers? World Bank and ___________?

(a) SEATO (a) International Monetary Funds (IMF)

(b) CENTO (b) international Economic Association (IEA)

(c) NAFTA (c) International Funding Organisation (IFO)

(d) None of them (d) International Development Bank (IDB)

4. When was GATT replaced with WTO? 8. Which of the following is the main

(a) 1994 objective behind the establishment of WTO?

(b) 1992 (a) To settle disputes between nations

(c) 1995 (b) To widen the principle of free trade to sectors

(d) 1993 such as services and agriculture

(c) To cover more areas than GATT 13. Who is the current Director-General of

(d) All of them WTO?

(a) Chedli Klibi

9. Which of the following is the headquarters of (b) Mahmoud Riad
World Trade Organisation (WTO)?
(c) Pascal Lamy
(a) Paris
(d) Michael Johnson
(b) New York

(c) Geneva 14. Which country becomes the 161st member

(d) Madrid of the World Trade Organization (WTO) on

26th April 2015?

10. China became a member of world (a) Seychelles

trade Organization in_________? (b) Vanuatu
(a) 1945 (c) Yemen
(b) 1960 (d) Samoa
(c) 1990
1. The foreign direct investment includes
(d) 2001
A) Intellectual Property
B) Human Resource
11. How many countries are the current
C) Tangible Good
members of WTO?
D) Intangible Goods
(a) 181
Answer: C
(b) 191 2. The disputes of FDI are over

(c) 161 A) Concern

(d) 123
B) Interest
C) Regard
D) Hobby
12. When did Pakistan join the WTO?
Answer: B
(a) January 1, 1995
3. Treaty of Rome was signed in the year
(b) February 1, 1995
A) 1959
(c) January 1, 2001 B) 1957
(d) Pakistan is not a member C) 1956
D) 1955 D) More gains from trade
Answer: B Answer: C
4. When did Austria join European Union? 9. Which industry characteristics will have free
entry?
A) 1997
A) Mineral mining
B) 1993
B) Cable television
C) 1995
C) T-shirt silk screening
D) 1999
D) Satellite radio
Answer: C
Answer: C
5. For spreading information the Foreign
policy decision-makers rely on 10. When a country is specialised in particular
good and then trade with other countries is
A) Bureaucrats called
B) Politicians A) Agreement
C) Media B) Interdependence
D) Public C) Correlation
Answer: C D) Dependence
6. More expansion of foreign direct investment Answer: B
can boost
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A) Money circulation Economics, question papers, sample papers,
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C) Employment
D) Unemployment
Answer: C
7. How will offer curve react when customers
are heterogeneous?
A) Zero quadrant
B) Negative quadrant
C) Optimum quadrant
D) Positive quadrant
Answer: B
8. When capital and labour are moved
internationally, it will help in developing
A) Economic growth gains
B) Capital gains
C) More gains from income