Which year was the World Trade Organization (WTO) established?
A) 1985
B) 1990
C) 1995
D) 2000
Where is the headquarters of the World Trade Organization (WTO) located?
A) New York, USA
B) Geneva, Switzerland
C) Paris, France
D) Brussels, Belgium
Which agreement led to the formation of the WTO?
A) Bretton Woods Agreement
B) Maastricht Treaty
C) General Agreement on Tariffs and Trade (GATT)
D) Paris Agreement
How many member countries are in the WTO (as of 2025)?
A) 145
B) 160
C) 164
D) 180
What is the primary function of the WTO?
A) Regulating currency exchange rates
B) Promoting international trade and resolving trade disputes
C) Providing loans to developing countries
D) Controlling global oil prices
Which principle is a core foundation of the WTO?
A) Tariff barriers
B) Most Favored Nation (MFN)
C) Trade Embargo
D) Currency Devaluation
Which country is the largest exporter of goods in the world?
A) United States
B) China
C) Germany
D) Japan
Which of the following is NOT a WTO agreement?
A) Agreement on Agriculture (AoA)
B) General Agreement on Trade in Services (GATS)
C) North American Free Trade Agreement (NAFTA)
D) Trade-Related Aspects of Intellectual Property Rights (TRIPS)
What is the dispute resolution mechanism of the WTO called?
A) International Trade Tribunal
B) Dispute Settlement Body (DSB)
C) Global Trade Court
D) WTO Arbitration Panel
Which of the following is a WTO trade negotiation round?
A) Geneva Round
B) Doha Round
C) Kyoto Round
D) Lisbon Round
Which of the following is NOT a function of the WTO?
A) Regulating global financial institutions
B) Settling trade disputes
C) Monitoring global trade policies
D) Administering trade agreements
Which sector does the General Agreement on Trade in Services (GATS) cover?
A) Agriculture
B) Manufacturing
C) Services
D) Raw materials
Which agreement covers intellectual property rights under the WTO?
A) GATS
B) TRIPS
C) NAFTA
D) APEC
Which of the following is NOT a WTO principle?
A) Non-discrimination
B) Predictability
C) Protectionism
D) Trade liberalization
Which country has filed the most trade disputes at the WTO?
A) China
B) United States
C) India
D) Brazil
What is the term for a country charging extra taxes on imported goods to protect domestic industries?
A) Free Trade
B) Dumping
C) Tariff
D) Trade Embargo
Which economic bloc has the largest trade agreements?
A) European Union (EU)
B) South Asian Association for Regional Cooperation (SAARC)
C) African Union (AU)
D) Gulf Cooperation Council (GCC)
Which type of trade policy aims to reduce trade barriers?
A) Protectionism
B) Liberalization
C) Import Substitution
D) Economic Sanctions
What is “dumping” in global trade?
A) Selling products below market price in a foreign market
B) Blocking imports from a country
C) Increasing tariffs on specific goods
D) Placing trade embargoes on certain countries
Which organization replaced the General Agreement on Tariffs and Trade (GATT)?
A) World Economic Forum
B) World Bank
C) World Trade Organization (WTO)
D) International Monetary Fund (IMF)
Which country has the largest trade surplus in the world?
A) Germany
B) China
C) Japan
D) United States
Which type of trade barrier involves setting a limit on the amount of goods imported?
A) Tariff
B) Quota
C) Subsidy
D) Embargo
Which country is the largest trading partner of the United States?
A) Canada
B) Mexico
C) China
D) Germany
What is the main purpose of Free Trade Agreements (FTAs)?
A) Increase tariffs
B) Promote trade by reducing barriers
C) Establish strict trade regulations
D) Support domestic monopolies
Which organization focuses on global trade rules and dispute resolution?
A) United Nations (UN)
B) World Trade Organization (WTO)
C) World Economic Forum (WEF)
D) International Monetary Fund (IMF)
Which of the following is a regional trade agreement?
A) NAFTA
B) IMF
C) World Bank
D) G20
What is a major criticism of WTO policies?
A) They encourage economic isolation
B) They promote unfair competition
C) They do not resolve trade disputes
D) They ignore developing countries’ concerns
Which country is NOT a member of the WTO?
A) Iran
B) India
C) Russia
D) Canada
Which economic policy involves government financial support to domestic industries?
A) Tariff
B) Subsidy
C) Quota
D) Free Trade Agreement
