1. Which of the following is an Government direct payment to domestic companies for encouraging exports
A. Subsidies
B. Aids
C. Voluntary export restraints
D. Export tariffs

2. Which of the following refers to a quantitative import or export restriction limiting, the quantity of a product being exported or imported
A. Restraint
B. Quota
C. Import tariff
D. Embargo

3. Which term is an bilateral agreement restricting exports
A. export quotas
B. transit tariffs
C. voluntary export restraints
D. orderly marketing arrangements

4. Which of the following GATT round, resulted in the formation of the WTO
A. Tokyo Round
B. Geneva Round
C. Torquay Round
D. Uruguay Round

5. What was predecessor to WTO
A. GATT
B. OPEC
C. World Bank
D. IMF

Answers : 1 (A), 2 (B), 3 (C), 4 (D), 5 (A)

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