Quiz No.

1
International Business Management
Instructions
1. Questions in GREEN will be attempting by the
students who have EVEN ID/Roll No. e.g. 2,4,6
so on….
2. Questions in RED will be attempting by the
students who have ODD Roll No. e.g. 1,3,5, so
on….

3. All questions carry equal marks i.e. (1).

Question No.1
The fundamental principle ________ principle/status
of GATT was that each once a tariff level was
member nation must open agreed upon, all member
its _______equally to countries get the same
every other member tariff.
nation. A. Most privileged nation
A. Production B. Most favorite nation
B. Human Resource C. Most desired nation
C. Market
D. Most favored nation.
D. Stock Exchange.
Question No.2
GATT was formed in GATT Stands for ________
and at ________
A. General Agreement on
A. 1947, London, UK Total & Tariff.
B. General Agreement on
B. 1949, Tokyo, Japan
Trade & Tariff.
C. 1947, Havana, Cuba C. General Agreement on
D. 1948, Doha, Qatar Trade & Tax
D. General Agreement on
Traffic & Tariff
Question No. 3
The WTO adopted same The WTO adopted same
principles of GATT but
principles of GATT but
expanded its mission
to_____. expanded its mission
to_____.
A. Trade in services.
B. Reduce Tariff
C. Reduce taxes A. Trade in asset.
D. Increase Negotiations. B. Intellectual Property.
C. Reduce taxes
D. Increase Negotiations.
Question No.4
A limit on the quantitative A provision from the
amount of a product Uruguay round of trade
Allowed to be imported negotiations requiring
into or exported out of a countries to agree to
country in a year is called enforce procedures under
_____ their national laws to protect
A. Quota intellectual property rights.
B. Ration A. W.I.P.O
C. Measure B. T.R.I.P.S
D. Allowance C. O.E.E.C
D. L.I.B.O.R
Question No.5
________ principle/status The fundamental principle
once a tariff level was of GATT was that each
agreed upon, all member member nation must open
countries get the same its _______equally to
tariff. every other member
A. Most privileged nation nation.
B. Most favorite nation A. Production
C. Most desired nation B. Human Resource
C. Market
D. Most favored nation.
D. Stock Exchange.
Question No. 6
GATT Stands for ________ GATT was formed in
and at ________
A. General Agreement on
Total & Tariff.
A. 1947, London, UK
B. General Agreement on
Trade & Tariff. B. 1949, Tokyo, Japan
C. General Agreement on C. 1947, Havana, Cuba
Trade & Tax D. 1948, Doha, Qatar
D. General Agreement on
Traffic & Tariff
Question No. 7

The WTO adopted same The WTO adopted same

principles of GATT but principles of GATT but
expanded its mission expanded its mission
to_____. to_____.

A. Trade in asset. A. Trade in services.

B. Intellectual Property. B. Reduce Tariff
C. Reduce taxes C. Reduce taxes
D. Increase Negotiations. D. Increase Negotiations.
Question No. 8
A provision from the A limit on the quantitative
Uruguay round of trade amount of a product
negotiations requiring Allowed to be imported
countries to agree to into or exported out of a
enforce procedures under country in a year is called
their national laws to protect _____
intellectual property rights. A. Quota
A. W.I.P.O B. Ration
B. T.R.I.P.S C. Measure
C. O.E.E.C D. Allowance
D. L.I.B.O.R
Question No.9

The WTO is the major GATT the predecessor

body for enforcement of the WTO organized
of trade agreement. by the UN after World
War I to reduce trade
barriers worldwide

1. True 1. True
2. False 2. False
Question No. 10

Once a tariff level was One of the decision

agreed upon, all making unit of WTO
member countries get is “Service Council”.
the same tariff, this
principle called Most
favored nation. 1. True
1. True 2. False
2. False
Question No. 11

In economic Economies of scale

(avg. cost per unit falls as no. of
integration free trade
units produced rises) occurs
area means no
internal tariffs plus in regional integration
common external because of the growth
tariffs. in the market size.

1. True 1. True
2. False 2. False
Question No. 12

GATT the predecessor The WTO is the major

of the WTO organized body for enforcement
by the UN after World of trade agreement.
War I to reduce trade
barriers worldwide

1. True 1. True
2. False 2. False
Question No. 13

One of the decision Once a tariff level was

making unit of WTO agreed upon, all
is “Service Council”. member countries get
the same tariff, this
principle called Most
1. True favored nation.
2. False 1. True
2. False
Question No. 14

Economies of scale In economic

(avg. cost per unit falls as no. of
integration free trade
units produced rises) occurs
area means no
in regional integration internal tariffs plus
because of the growth common external
in the market size. tariffs.

1. True 1. True
2. False 2. False