Test on Fundamentals of International Trade

Question 1: The liberalization of services, particularly during the Uruguay GATT round, contributed to the increased role of services.

A. Ano

B. Ne

Explanation: The study materials explicitly list 'Liberalization of services (Uruguay GATT round)' as one of the factors that contributed to the role of services.

Question 2: Based on the provided study materials, which of the following countries are listed among the leading exporters of services globally?

A. United States

B. India

C. Japan

D. China

Explanation: The study materials list the US, UK, China, Germany, Ireland, and France as leading exporters of services. When excluding EU-intra trade, India is also listed among the top exporters. Japan is not mentioned as a leading exporter in the provided material.

Question 3: The Uruguay Round notably introduced anti-dumping measures.

A. Ano

B. Ne

Explanation: The study materials state that the Kennedy Round (1964 - 1967) introduced anti-dumping measures. The Uruguay Round (1986 - 1994) introduced agreements on agriculture, textiles, services, and TRIPS.

Question 4: According to the study materials, what was a significant outcome of the Marrakesh Agreement (1994)?

A. It focused solely on establishing a system for trade in goods to reduce tariffs.

B. It primarily introduced anti-dumping measures to prevent trade wars.

C. It led to the formation of the WTO, establishing it as a permanent institution that expanded trade rules to include services and intellectual property.

D. It was the agreement that created the original General Agreement on Tariffs and Trade (GATT).

Explanation: The study materials state that the Marrakesh Agreement (1994) led to the 'Formation of the WTO (World Trade Organization)', which was 'Established as a permanent, legally binding institution' and 'Expanded beyond goods trade (GATT) to include: GATS (General Agreement on Trade in Services) TRIPS (Intellectual Property Rights Protection)'.

Question 5: Geopolitical considerations between nations do not influence the economic interactions and agreements that characterize trade relations.

A. Ano

B. Ne

Explanation: Geopolitics involves political and strategic considerations that influence relationships between nations, and trade relations concern economic interactions and agreements. These geopolitical factors directly influence and shape trade relations between countries and regions, such as the EU and China.