Title: International Trade Regimes
Course: TEST Course

Q: In 1995, the General Agreement on Tariffs and Trade (GATT) was transformed into ________.
- the Sherman Agreement
- the Tariff Organization
- the World Trade Organization (WTO)
A: the World Trade Organization (WTO)

Q: Which of the following organizations was created from the General Agreement on Tariffs and Trade (GATT)?
- The United Nations (UN)
- The International Trade Organization (ITO)
- The World Trade Organization (WTO)
A: The World Trade Organization (WTO)

Q: The General Agreement on Tariffs and Trade (GATT) was started in ________.
- 1946
- 1950
- 1947
A: 1947

Q: When year did the General Agreement on Tariffs and Trade (GATT) begin?
- 1948
- 1945
- 1947
A: 1947

Q: The General Agreement on Tariffs and Trade (GATT) helps promote trade by ________.
- increasing quotas
- increasing rules and regulations
- reducing tariffs
A: reducing tariffs

Q: The General Agreement on Tariffs and Trade (GATT) helps promote trade by
- increasing tariffs
- increasing rules and regulations
- decreasing quotas
A: decreasing quotas

Q: The role of the General Agreement on Tariffs and Trade (GATT) is to
- negotiate the price of natural resources around the world.
- come up with a set price each year for a basket of agreed upon goods and services.
- negotiate agreements between nations to reduce trade barriers.
A: negotiate agreements between nations to reduce trade barriers.

Q: What is the General Agreement on Tariffs and Trade (GATT) role?
- To negotiate the price of oil around the world.
- To impose minimum price for a basket of goods anywhere in the world.
- To negotiate agreements between trading nations in order to reduce barriers to trade.
A: To negotiate agreements between trading nations in order to reduce barriers to trade.

Q: The precursor to the World Trade Organization (WTO) was the ________.
- Tariff Organization
- Rules and Regulation Board
- General Agreement on Tariffs and Trade (GATT)
A: General Agreement on Tariffs and Trade (GATT)

Q: What preceded the World Trade Organization (WTO) which lead to its organization?
- United Nations
- North American Free Trade Agreement
- General Agreement on Tariffs and Trade (GATT)
A: General Agreement on Tariffs and Trade (GATT)

Q: The World Trade Organization (WTO) was established in ________.
- 1993
- 1994
- 1995
A: 1995

Q: In what year was the World Trade Organization (WTO) established?
- 1994
- 1997
- 1995
A: 1995

Q: The World Trade Organization (WTO) was established to ________.
- let trade disputes resolve themselves
- end the intention of the General Agreement on Tariffs and Trade (GATT)
- enforce General Agreement on Tariffs and Trade (GATT)
A: enforce General Agreement on Tariffs and Trade (GATT)

Q: The World Trade Organization (WTO) was established to ________.
- let trade disputes resolve themselves
- end the intention of the General Agreement on Tariffs and Trade (GATT)
- host trade disputes
A: host trade disputes

Q: What is the purpose of the World Trade Organization (WTO) ?
- To advise the United Nations on international political policies.
- To broker trade agreements between the worlds largest international companies.
- To bring all sizes of nations together to negotiate trade deals and resolve trade disputes between each other.
A: To bring all sizes of nations together to negotiate trade deals and resolve trade disputes between each other.

Q: Which of the following best fits an explanation of why the World Trade Organization (WTO) was established?
- Bring small nations together to negotiate trade deals strictly between each other.
- Bring large nations together to negotiate trade deals strictly between each other.
- Bring all sizes of nations together to negotiate trade deals between each other.
A: Bring all sizes of nations together to negotiate trade deals between each other.

Q: An example of a regional trade agreements is ________.
- WTO
- GATT
- NAFTA
A: NAFTA

Q: An example of a regional trade agreements is ________.
- United Nations
- World Trade Organization
- Southern African Development Community
A: Southern African Development Community

Q: Why are some economists who favor free trade concerned about the proliferation of regional trade agreements?
- Regional trade agreements make the economies of partner nations more independent from each other.
- Regional trade agreements terms can conflict with those of the Anti-Tariff Act.
- Regional trade agreements may limit trade from outside the regions in an agreement.
A: Regional trade agreements may limit trade from outside the regions in an agreement.

Q: If an economist is a proponent of free trade amongst nations, what would be concerning about the proliferation of regional trade agreements?
- The nations involved with regional trade agreements make the economies more independent from each other.
- Terms of regional trade agreements often conflict with agreements of the Anti-Tariff Act.
- Regional trade agreements may restrict trade from outside of the regions in the agreement.
A: Regional trade agreements may restrict trade from outside of the regions in the agreement.

Q: An example of a regional trading agreement is the ________.
- WTO
- GATT
- European Union
A: European Union

Q: An example of a regional trading agreement is the ________.
- WTO
- GATT
- Asia Pacific Economic Cooperation (APEC)
A: Asia Pacific Economic Cooperation (APEC)

Q: What makes a regional trading agreement so significant to the countries involved within the agreement parameters?
- It may cause the countries not involved to stop importing goods with the countries involved in an agreement.
- It might dampen the free market forces within countries external to the agreement.
- It can eliminate barriers to the mobility of goods, labor, and capital across the countries involved in the agreement.
A: It can eliminate barriers to the mobility of goods, labor, and capital across the countries involved in the agreement.

Q: For countries participating in a regional trading agreement, what makes this type of agreement significant to the countries involved?
- It may cause countries uninvolved in the agreement to maintain importing goods with the countries involved in an agreement.
- It might dampen the free market forces within each of the countries not associated with the agreement.
- Its purpose is to eliminate barriers to the movement of labor, goods, and capital across those countries involved in it.
A: Its purpose is to eliminate barriers to the movement of labor, goods, and capital across those countries involved in it.

Q: Generally, international trade laws in the last 60 years have served to
- limit the gains of trade to consumers.
- increase economic autarky.
- radically lower tariffs.
A: radically lower tariffs.

Q: In the past 60 years, what have international trade laws tried to do?
- Set limits on gains of trade to consumers.
- Increase economic self sufficiency.
- Dramatically lower tariffs.
A: Dramatically lower tariffs.

Q: What Unites States government department determines if imports from other countries are being traded fairly?
- Department of Trade
- International Trade Commission
- Department of Commerce
A: Department of Commerce

Q: The ________ determines if imports from other countries are being fairly traded in the U.S.
- Trade Department
- World Trade Organization
- Department of Commerce
A: Department of Commerce

Q: The last half-century has been the powerful surge of international trade due to ________.
- GATT renegotiations
- reversals of regional trade agreements
- technological developments
A: technological developments

Q: What has been the main cause in the last half-century for the skyrocking of international trade?
- Renegotiations of GATT
- Regional trade agreements cancellations
- Developments in technology
A: Developments in technology

Q: A common complaint with trade policies is the act of ________.
- value chaining
- marginalizing
- dumping
A: dumping

Q: What is commonly viewed about trade policies as a very negative aspect of international trade?
- The emergence of value chaining.
- The process of marginalizing.
- The act of dumping.
A: The act of dumping.

Q: Looking at historical trends, what would you say is a long term trend in trade policies?
- Fewer investigations by the Commerce Department in the U.S.
- The WTO working with a faster policy decision making time frame.
- Tariffs continue to be reduced over time.
A: Tariffs continue to be reduced over time.

Q: Which of the following long term trends would most likely take place in the future of trade policies based on the past trade trends?
- There would be fewer investigations by the Commerce Department in the U.S.
- The WTO would make quicker decisions on policies.
- Overall tariffs would continue to be reduced over time.
A: Overall tariffs would continue to be reduced over time.