Which round of international trade negotiations resulted in the creation of the World Trade Organization ?

A. Kennedy round of 1964-1967
B. Tokyo round of 1973-1979
C. Uruguay round of 1986-1993
D. Doha round of 2003-2007

The organization that currently establishes rules of conduct for firms engaging in international trade is the ?

A. World bank
B. International trade commission
C. Department of justice
D. World trade organization

Suppose that Russia steel firms engage in dumping in the German market in terms of overall economic welfare, German welfare would _______ as the result of the dumping?

A. a. increase
B. decrease
C. not change
D. none of these

To help its firms penetrate Mexico’s radio market suppose the Japanese government provides them a subsidy of $15 for each radio shipped to Mexico As a result of this trade policy ?

A. The price of radios in mexico equals $60 and its imports equal 30 radios
B. The price of radios in mexico equals $30 and its imports equal 30 radios
C. The price of radios in mexico equals $40 and its imports equals 20 radios
D. Th price of radios in mexico equals $20 and its imports equal 40 radios

All of the following are fundamental to the World Trade Organization except ?

A. Bilateral tariff reductions to promote trade liberalization
B. The use of the most-favored nation clause (normal trade relations)
C. Nondiscrimination in trading relationships
D. The prohibition of import quotas and export quotas

Following World War II the United States and other countries sought to liberalize trade among each other the first major postwar step toward trade liberalization was the ?

A. General agreement on tariffs and trade
B. World trade organization
C. Smoot hawley organization
D. Mckinley agreement on trade policy

The strongest political pressure for a trade policy that results in higher protectionism comes from?

A. Domestic workers lobbying for import restriction
B. Domestic workers lobbying for export restrictions
C. Domestic consumers lobbying for export restrictions
D. Domestic consumers lobbying for import restrictions

When one country provides most favored nation status (normal trade relations) for another, it agrees to ?

A. Charge the nation’s products a lower tariff than any other nation’s
B. Charge that nation’s products a tariff rate no higher than that on any other nation
C. Charge that nation’s products a higher tariff than any other nation’s
D. Exports to that nation any products that it wants to purchase

Countervailing duties levied by the U.S government are imposed to offset ?

A. Foreign dumping of goods in the u.s
B. Subsidies granted to foreign firms that export to the u.s
C. Buy national policies of foreign government
D. Stringent environmental regulations of foreign government s

What is deflation________________?

A. deficit budget
B. reduction in taxation
C. increase in public expenditure
D. reverse of inflation