Question

The ______ was a multilateral agreement whose objective was to liberalize trade by eliminating tariffs, subsidies, import quotas, and the like.

		Multinational Agreement on Globalization
		United Nations Charter on Free Trade
		World Agreement on Trade and Free Commerce
		General Agreement on Tariffs and Trade
		Smoot-Hawley-Byrd Act

The World Trade Organization was created by the ______ of the GATT negotiations:

		Cyprus Round
		Canadian Round
		Norway Round
		Uruguay Round
		Clinton Round

The most widely subsidized industry in the world is:

		automobiles
		agriculture
		steel
		computers
		cell phones

When a country is importing more goods and services than it is exporting, it is incurring a:

		current account surplus.
		current account deficit.
		balance of payment surplus.
		capital account deficit
		dumping situation

If Apple won an order to sell 500 of its new minicomputers to Australia, but the Australian government stipulated that 20 percent of the component parts of the minicomputers that it purchased must be produced in Australia, that stipulation would be an example of a(n)

		ad valorem content requirement.
		specific content requirement.
		ad hoc content requirement.
		local content requirement.
		dumping

Answer 1

Answer)

The GATT(General Aggrement on Tariffs and Trade) is the multilateral agreement set with an objective to liberalize trade by eliminating tariffs, quotas, subsidies etc.

The World Trade Organization was created by the _Uruguay Round_ of the GATT negotiations.

The most widely subsidized industry in the world is:Agriculture.oil industry also has huge subsidies. But after oil, agriculture sector has the widest subsidies from government.

When a country is importing more goods and services than it is exporting, it is incurring a: Current Account Deficit. Current Account measures records of purchase and sales of goods and services. When imports exceed exports, there is deficit. So, current Account deficit is the correct option.

If Apple won an order to sell 500 of its new minicomputers to Australia, but the Australian government stipulated that 20 percent of the component parts of the minicomputers that it purchased must be produced in Australia, that stipulation would be an example of a Local Content Requirement. It is a process when the components of the production process are transferred to be produced in the local country. So, it is the correct option.

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