Q.1 What does WTO stand for?
World Trade Organization
World Tax Organization
World Transport Organization
World Treaty Organization
Explanation - WTO stands for World Trade Organization, which deals with global rules of trade between nations.
Correct answer is: World Trade Organization
Q.2 In which year was the World Trade Organization established?
1947
1995
1980
2001
Explanation - The WTO was officially established on January 1, 1995, replacing the GATT system.
Correct answer is: 1995
Q.3 The WTO replaced which international agreement?
IMF Agreement
GATT
NAFTA
UNCTAD
Explanation - The WTO replaced the General Agreement on Tariffs and Trade (GATT) in 1995.
Correct answer is: GATT
Q.4 Where is the headquarters of the WTO located?
New York
Paris
Geneva
London
Explanation - The WTO headquarters is located in Geneva, Switzerland.
Correct answer is: Geneva
Q.5 What is the main function of the WTO?
Lend money to countries
Regulate world oil prices
Promote free trade
Print global currency
Explanation - The WTO’s primary role is to promote free and fair trade across nations.
Correct answer is: Promote free trade
Q.6 Which of the following is NOT a function of the WTO?
Settling trade disputes
Monitoring trade policies
Providing development aid
Negotiating trade agreements
Explanation - The WTO does not directly provide development aid; that is done by organizations like the World Bank.
Correct answer is: Providing development aid
Q.7 How many official languages does the WTO have?
2
3
4
5
Explanation - The WTO has three official languages: English, French, and Spanish.
Correct answer is: 3
Q.8 Which round of negotiations led to the creation of the WTO?
Tokyo Round
Doha Round
Uruguay Round
Geneva Round
Explanation - The Uruguay Round of GATT negotiations led to the establishment of the WTO.
Correct answer is: Uruguay Round
Q.9 How many member countries does the WTO have as of 2023?
100
128
164
200
Explanation - As of 2023, the WTO has 164 member countries.
Correct answer is: 164
Q.10 Which body within the WTO handles disputes between countries?
Trade Review Board
Dispute Settlement Body
General Council
Ministerial Conference
Explanation - The Dispute Settlement Body (DSB) of the WTO is responsible for resolving trade disputes.
Correct answer is: Dispute Settlement Body
Q.11 Which of the following is a key principle of the WTO?
Most-Favored-Nation (MFN)
Protectionism
Import Substitution
Trade Barriers
Explanation - The MFN principle ensures non-discriminatory trade among WTO members.
Correct answer is: Most-Favored-Nation (MFN)
Q.12 What is the highest decision-making body of the WTO?
General Council
Trade Policy Review Body
Ministerial Conference
Dispute Settlement Body
Explanation - The Ministerial Conference is the top decision-making body of the WTO.
Correct answer is: Ministerial Conference
Q.13 Which agreement deals with trade in services under the WTO?
GATS
GATT
TRIPS
NAFTA
Explanation - The General Agreement on Trade in Services (GATS) governs international trade in services.
Correct answer is: GATS
Q.14 Which agreement under WTO deals with intellectual property rights?
GATS
TRIPS
GATT
TPP
Explanation - The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) sets global standards for intellectual property.
Correct answer is: TRIPS
Q.15 Which of the following is a regional trade agreement?
WTO
IMF
NAFTA
UN
Explanation - NAFTA (North American Free Trade Agreement) is a regional trade agreement among the US, Canada, and Mexico.
Correct answer is: NAFTA
Q.16 What is the full form of NAFTA?
North American Free Trade Agreement
National Agricultural Free Trade Agreement
New Asian Free Trade Agreement
None of the above
Explanation - NAFTA stands for North American Free Trade Agreement, signed by the US, Canada, and Mexico.
Correct answer is: North American Free Trade Agreement
Q.17 Which regional agreement succeeded NAFTA in 2020?
CAFTA
USMCA
ASEAN
TPP
Explanation - The United States-Mexico-Canada Agreement (USMCA) replaced NAFTA in 2020.
Correct answer is: USMCA
Q.18 The ASEAN Free Trade Area (AFTA) is a trade agreement among which countries?
African nations
European Union members
Southeast Asian nations
North American countries
Explanation - AFTA is a trade agreement among the member states of the Association of Southeast Asian Nations (ASEAN).
Correct answer is: Southeast Asian nations
Q.19 Which of the following is NOT a regional trade bloc?
EU
ASEAN
NAFTA
IMF
Explanation - The IMF is a financial institution, not a trade bloc.
Correct answer is: IMF
Q.20 Which principle ensures that WTO members extend trade benefits to all members equally?
National Treatment
MFN Principle
Reciprocity
Protectionism
Explanation - The Most-Favored-Nation principle ensures equal treatment for all WTO members.
Correct answer is: MFN Principle
Q.21 The principle of 'National Treatment' in WTO means:
Foreign products must be taxed higher
Foreign products must receive same treatment as domestic products
Domestic products are exempt from tariffs
Only national products can be sold
Explanation - National Treatment requires that imported goods be treated no less favorably than domestically produced goods.
Correct answer is: Foreign products must receive same treatment as domestic products
Q.22 Which major trade round launched in 2001 focused on development issues?
Uruguay Round
Tokyo Round
Doha Round
Seattle Round
Explanation - The Doha Round of WTO negotiations, launched in 2001, focused on development-related trade issues.
Correct answer is: Doha Round
Q.23 Which of the following is the EU’s main trade agreement principle?
Free movement of goods, services, capital, and people
Only trade in goods
Trade protectionism
Tariff increases
Explanation - The EU functions as a single market ensuring free movement of goods, services, capital, and people.
Correct answer is: Free movement of goods, services, capital, and people
Q.24 Which organization monitors compliance with WTO rules?
General Council
Trade Policy Review Body
Dispute Settlement Body
Ministerial Conference
Explanation - The Trade Policy Review Body ensures transparency and monitors compliance with WTO rules.
Correct answer is: Trade Policy Review Body
Q.25 Which agreement is related to trade in goods under WTO?
GATS
TRIPS
GATT
USMCA
Explanation - The General Agreement on Tariffs and Trade (GATT) regulates international trade in goods.
Correct answer is: GATT