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Economics
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26 Nov 2019

What is the basic purpose of the World Trade Organization? A. To collect information on the imports and exports of nations and issue a world report on the conditions of trade B. To monitor trade between the three major trading nations of the world economy, the United States, Germany, and Japan C. To oversee trade agreements reached by member nations and rule on trade disputes among these nations D. To conduct meetings for major multinational corporations so that they can increase the amount of investment and trade in the global economy

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Related questions

Question 1

  1. In 2003, the ________ ruled that U.S. tariffs on steel imported from the EU were unfair and allowed the EU to issue retaliatory tariffs on U.S. products.
    Ā  Ā 
    World Trade Organization
    Ā  Ā 
    United Nations
    Ā  Ā 
    European Central Bank
    Ā  Ā 
    International Human Rights Commission

Question 2

  1. The idea of the U.S.-Canadian Free-Trade Agreement that ________ barriers to trade including tariffs and quotas between the United States and Canada by 1998 was to increase the amount that the United States exports to Canada and the amount that the United States imports from Canada.
    Ā  Ā 
    increased all
    Ā  Ā 
    removed some
    Ā  Ā 
    removed all
    Ā  Ā 
    increased some

Question 3

  1. According to the theory of comparative advantage, a country should specialize and ________ goods with ________ opportunity cost.
    Ā  Ā 
    import; the lowest
    Ā  Ā 
    import; negative
    Ā  Ā 
    export; the lowest
    Ā  Ā 
    export; the highest

Question 4

  1. A quota is a restriction on imports.
    True
    False

    Question 5

    1. If Holland decreases subsidies to its tulip growers, the price of tulips in the United States will rise.
      True
      False

    Question 6

    1. According to comparative advantage, trade between two countries allows ________ of the trading countries to use its resources most efficiently.
      Ā  Ā 
      only the smaller
      Ā  Ā 
      only the larger
      Ā  Ā 
      neither
      Ā  Ā 
      each

    Question 7

    1. ________ U.S. president(s) who has/have held office since GATT was signed has argued for free-trade policies, yet each one has used his powers to protect various sectors of the economy.
      Ā  Ā 
      Only one
      Ā  Ā 
      No
      Ā  Ā 
      Every
      Ā  Ā 
      Only 3

    Question 8

    1. In 1991, the European Union began the process of forming the
      Ā  Ā 
      largest free-trade zone in the world.
      Ā  Ā 
      only continental military force in the world.
      Ā  Ā 
      first international trade agreement in the world.
      Ā  Ā 
      first unified currency in the world.

      1. Question 9

        1. The Smoot-Hawley tariff set off an international trade war in the
          Ā  Ā 
          1930s.
          Ā  Ā 
          1950s.
          Ā  Ā 
          1970s.
          Ā  Ā 
          1990s.



          Please help me with these questions Thank you.

11. Indonesia, Vietnam, Thailand, and the Philippines are members of the __________.

A. Organization of Petroleum Exporting Countries

B. Association of Southeast Asian Nations

C. Dominican Republic-Central America Free Trade Agreement

D. North American Free Trade Agreement

___________________________________________________________

7. Which of the following is an example of an autonomous agency of the United Nations?

A. North Atlantic Treaty Organization

B. Security Council

C. World Trade Organization

D. International Monetary Fund

------------------------------------------------------------------------------------

3. Which of the following is provided under the Foreign Sovereign Immunities Act?

A. rules for conflict resolution among DR-CAFTA members

B. endowment of the president with powers to enter into treaties with foreign nations

C. guidelines to govern suits against foreign nations within the United States

D. regulation of commerce between the United States and foreign nations

_____________________________________________________________________

15 .Throughout Christianity, divine and natural laws have been issued in the form of __________.

A. edicts

B. conventions

C. novations

D. canons

_________________________________

18. Which of the following is true of the International Monetary Fund?

A. The IMF is a federal body that consists of representatives from all the states, including federal experts.

B. The IMF is funded from the Superfund created by the Comprehensive Environmental Response, Compensation, and Liability Act.

C. The IMF is an autonomous agency under the UN which promotes sound monetary, fiscal, and macroeconomic policies worldwide.

D. The IMF is responsible for providing one-time grants to needy countries with no terms and conditions attached to the assistance.

____________________________

19. Which of the following statements is true of the NAFTA?

A. It allows a member country to reimpose tariffs if imports are hurting that country's economy or its workers.

B. It disallows any special protection from being extended to specific industries.

C. It disallows NAFTA members from trading with other countries unless a unanimous permission is obtained.

D. It has been hailed by economists as a perfect example of a free trade pact.

1. Which of the following trading partners of the United States became its number one "trade problem" at the beginning of the 21st century?

United Kingdom

Japan

Germany

Canada

China

2. Which of the following presents the correct picture of the outcome of increased world trade after the 1950s, contrary to Servan-Schreiber's prediction?

Third World countries have been excluded from this economic growth leading to stark imbalances in wealth.

The European Union has become the center of world trade, taking the position away from the United States.

The United States has continuously maintained the positive balance of trade it attained during the 1950s.

Economic power and potential has become more evenly distributed among the countries of the world.

SDRs and gold have lost their utility as the basic medium of financial exchange and most monetary statistics have started relating to the U.S. dollar.

3. The _____ of the balance-of-payments statement is most likely to record all merchandise exports, imports, and services plus unilateral transfers of funds.

current account

capital account

credit account

receivables account

reserves account

4. The Foreign Corrupt Practices Act (FCPA) was specifically addressed in the _____ section of the Omnibus Trade and Competitiveness act.

market access

export expansion

import relief

foreign exchange regulation

trade deficit

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