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Financial Terms of International Contracts.d

Financial Terms of International Contracts.d

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Вопросы и варианты

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Вопрос 1

In terms of international business, it is most accurate to say that ________.

  1. there is a universal "best way" to conduct business
  2. global competition affects large companies but not small ones
  3. most firms depend either on foreign markets and supplies or compete against companies that do
  4. government regulation of international business has little effect on a company's profits
Вопрос 2

Individuals should most likely study international business to ________.

  1. comply with graduate school certification requirements
  2. ensure that an employer has a global online presence
  3. remain current on the latest business methods
  4. obtain bilingual business experience
Вопрос 3

Devon, an accounts manager at a large electronics firm, does not have any direct international responsibilities; however, Devon would most likely benefit from studying international business issues so that he can ________.

  1. conduct better job interviews
  2. better understand how foreign operations affect the company's competitive position
  3. supervise and evaluate subordinates who have global assignments
  4. understand the legalities of importing and exporting products overseas
Вопрос 4

The widening set of interdependent relationships among people from different parts of the world is known as ________.

  1. globalization
  2. offshoring
  3. outsourcing
  4. franchising
Вопрос 5

Which of the following best defines international business?

  1. It includes all economic flows between two or more countries.
  2. It includes all private economic flows between two or more countries.
  3. It includes all business transactions involving two or more countries.
  4. It includes all business transactions in countries other than your home country.
Вопрос 6

Which of the following is an indication of the increased globalization of business since the end of World War II?

  1. Foreign trade has largely replaced foreign ownership as a means of conducting international business.
  2. World trade has grown more rapidly than world production.
  3. Globally, consumers now depend on foreign output for more than half their consumption.
  4. Countries have increased their import restrictions to counter the rising tide of imports.
Вопрос 7

The integration of markets, nation-states, and technologies in a way that is enabling individuals, corporations, and nation-states to reach around the world farther, faster, deeper, and cheaper than ever before is referred to as ________.

  1. international business organization
  2. market internationalization
  3. economic integration
  4. globalization
Вопрос 8

Most of the world's goods and services are sold ________.

  1. in international markets
  2. in the countries where they are produced
  3. through exports to large countries
  4. through exports to small countries
Вопрос 9

Which of the following has NOT been a major force increasing globalization in recent decades?

  1. liberalization of cross-border trade
  2. increase in and expansion of technology
  3. growing pressure from consumers
  4. decreasing prices of natural resources
Вопрос 10

Which of the following has MOST influenced consumers to demand access to foreign-made products?

  1. Declining global affluence has caused consumers to seek out lower-priced products from abroad.
  2. Consumers have become more efficient in using media and technologies to compare prices worldwide.
  3. Fearing that their governments will enact restrictive policies on imports, consumers are stocking up on foreign products before restrictions are put in place.
  4. Expectations of rising prices of foreign products have caused consumers to seek foreign products before their prices become prohibitive.
Вопрос 11

Which of the following best explains why international business has grown rapidly in the past few decades?

  1. the end of the political division between the Communist and non-Communist blocs
  2. greater income equality in most countries
  3. growing concern about climate change
  4. increased concerns about terrorism
Вопрос 12

________ consists of specific learned norms based on attitudes, values, and beliefs of a group of people.

  1. Ethnology
  2. Civilization
  3. Culture
  4. Doctrine
Вопрос 13

Which of the following is NOT true about cultural diversity?

  1. Companies may gain competitive advantages by bringing together people of diverse backgrounds.
  2. Cultural diversity is most successful when domestic and foreign firms establish joint ventures.
  3. Cultural diversity may help a company gain deeper knowledge about products and services.
  4. The process of bringing people of different national cultures together is often difficult.
Вопрос 14

Culture is not ________.

  1. about beliefs and values of society
  2. relative
  3. a collective phenomenon
  4. inherited
Вопрос 15

When divergent cultures come in contact, ________ occurs.

  1. power distance
  2. culture shock
  3. cultural collision
  4. group membership
Вопрос 16

Which of the following is defined as a group of people who share a unique way of life within a larger, dominant culture?

  1. macroculture
  2. subculture
  3. cultural universal
  4. monoculture
Вопрос 17

Which of the following BEST describes a result of cultural collision in international business?

  1. A company implements practices that are less effective than intended.
  2. Local employees are overlooked for promotions by home country managers.
  3. Expatriate managers rely too heavily on local employees for negotiating business deals.
  4. Foreign and domestic companies make adjustments for the local culture and legal environment.
Вопрос 18

Which of the following is the MOST accurate statement about culture?

  1. Cultural variables can easily be isolated from other factors such as economic and political conditions.
  2. Although most cultural variables are universal, the forms these variables take differ from culture to culture.
  3. Most cultural variables are superficial and can easily be influenced by environmental factors.
  4. Within a culture, everyone responds to particular cultural variables the same way.
Вопрос 19

Businesspeople seeking to understand more about another culture in order to successfully conduct business within that culture would be best advised to do which of the following?

  1. Observe the behavior of people who have gained respect within that cultural environment.
  2. Rely on stereotypes, which are based on averages, to gain an understanding of the culture.
  3. Avoid cultural research studies because they perpetuate unjustified stereotypes and behaviors.
  4. Memorize the cultural variations that are typically encountered in a specific cultural environment.
Вопрос 20

Which of the following is a common shortcoming of studies examining culture in different countries and regions?

  1. Cultures are static, which leads researchers to draw false conclusions from old data.
  2. It is impossible to compare countries because of differences in data.
  3. Responses are reported in averages, which can lead to a belief in unrealistic stereotypes.
  4. People are reluctant to complain about their own cultures, so they present only positive opinions to researchers.
Вопрос 21

Certain attitudes can link groups, such as managers, from different nations more closely than managers within a given nation. As a result, international businesspeople should most likely ________.

  1. assume that there are few significant cultural differences among nations
  2. examine relevant groups when comparing nations
  3. adopt universal operating methods
  4. avoid cultural imperialism
Вопрос 22

Managing and cultivating diverse teams is facilitated by first encouraging team members to ________.

  1. understand each other's culture before dealing with the tasks at hand
  2. jump into the task allowing the team members to react and adapt to each other
  3. deal with fellow team members as they would in their own culture
  4. establish strict rules on how the task will be performed
Вопрос 23

The nation offers a workable reference for studying cultural differences because ________.

  1. a nation contains only one distinct culture
  2. similarity among people is both a cause and effect of national boundaries
  3. the commonality of language within a nation eases the process of conducting surveys
  4. different groups within the same country always have more in common with each other than with groups in other countries
Вопрос 24

Which of the following is a true statement about China?

  1. The Chinese government's shift from communism to capitalism has led to an increase in FDI.
  2. China attracts FDI because the government has eliminated elaborate bureaucracies.
  3. The Chinese government manipulates market activities for political purposes.
  4. China lacks an educated pool of employees due to slowly developing industrialization.
Вопрос 25

Which of the following ideas holds that a government should NOT interfere in business affairs?

  1. collectivism
  2. laissez-faire
  3. the rule of man
  4. pluralism
Вопрос 26

The principle that an individual has the freedom to pursue his or her interests is called ________.

  1. socialism
  2. totalitarianism
  3. individualism
  4. collectivism
Вопрос 27

Proponents of ________ argue that individual interests are not as important as the welfare of the group.

  1. pluralism
  2. capitalism
  3. collectivism
  4. individualism
Вопрос 28

Which of the following is a characteristic of totalitarian governments?

  1. Political dissidents can oppose the government with no repercussions.
  2. Citizens are guaranteed civil, property, and minority rights.
  3. The means of production are owned by the people who use them.
  4. Leaders rule without the explicit approval of the people.
Вопрос 29

Raif belongs to a country in which religion governs all aspects of his life, whether personal or public. He has to abide by a strict, rigid, code that dictates everything from the clothes he wears to the food he eats. Breaking away from these traditions is not an option since religion plays an important role in the functioning of the nation. What political system prevails in his country?

  1. communist totalitarianism
  2. left-wing totalitarianism
  3. right-wing totalitarianism
  4. theocratic totalitarianism
Вопрос 30

Which of the following is an advantage of conducting business in totalitarian nations?

  1. International companies are less likely to face local political opposition to their activities.
  2. Government deals are always straightforward and transparent.
  3. Laws regarding the resolution of contractual disputes are clearly defined.
  4. International companies run no risk of their public image being tarnished.
Вопрос 31

In a country that emphasizes collectivism, ________.

  1. the interests of the individual are more important than the interests of the state
  2. one person or political party exercises absolute control over the political and economic systems
  3. the needs of society and the needs of individuals are treated as equally important
  4. the needs of society take precedence over individual freedoms
Вопрос 32

Political systems based on the ________ paradigm, such as those of Japan and China, accept the principle that government may intervene to ensure that business practices benefit society.

  1. individualistic
  2. collectivistic
  3. pluralistic
  4. laissez-faire
Вопрос 33

Although there are different views about the purpose of a political system, most analysts agree that an essential task of a political system is to ________.

  1. integrate the different elements of a society into a functioning unit
  2. allocate scarce resources among competing users
  3. develop reasonable attitudes and outlooks within the population
  4. protect individuals within the country from foreign threats
Вопрос 34

In a practical sense, the term political system is meant to signify the ________.

  1. organization of military power in a country
  2. working government in a country
  3. philosophical orientations in a country
  4. cultural values in a country
Вопрос 35

John, an international manager for CADE International, has been given the task of analyzing the economies of three different emerging countries for the firm's potential expansion. Which of the following questions is LEAST relevant to John's assignment?

  1. How much freedom will CADE have to run its foreign operations?
  2. What are the current economic policies related to development?
  3. What is the likelihood that CADE can fill manufacturing positions with locals?
  4. What factors in the country drive or hinder economic change?
Вопрос 36

Taylor Enterprises wants to expand its operations into Asia. Managers are focusing on countries with high degrees of economic freedom most likely because the firm is interested in a country with ________.

  1. minimal government intervention
  2. standardized minimum wages
  3. laws favoring sustainability
  4. state-run corporations
Вопрос 37

Tatum Manufacturing recently opened a new facility in Japan. The firm can most likely expect the Hong Kong government to ________.

  1. monitor market prices
  2. control natural resources
  3. ensure fair competition
  4. provide innovation incentives
Вопрос 38

Which of the following is NOT a characteristic of capitalism?

  1. private ownership of assets
  2. right to profit from individual effort
  3. state control of factors of production
  4. private control of investment
Вопрос 39

Communism primarily relies on a system of ________.

  1. private business ownership
  2. competitive pricing and marketing
  3. market-generated supply and demand
  4. government-controlled economic activity
Вопрос 40

In a market economy, the patterns of resource allocation are most directly influenced by ________.

  1. government administrators who monitor the equilibrium of supply and demand
  2. industry coalitions that strive to improve the efficiency of production and service
  3. consumer group alliances that negotiate with firms to improve product quality
  4. consumers who "vote" by their personal decision to buy or not buy products
Вопрос 41

A system in which individuals, rather than the government, make the majority of economic decisions is commonly referred to as a ________.

  1. command economy
  2. market economy
  3. private economy
  4. mixed economy
Вопрос 42

Market economies are primarily characterized by ________.

  1. formal cooperation among government, companies, and workers to achieve stable growth
  2. heavy government spending and high taxation to pay for a range of social services
  3. minimal governmental participation
  4. restricted consumer powers
Вопрос 43

In a command economy, the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold are planned by ________.

  1. government officials
  2. private industries
  3. individual entrepreneurs
  4. local trade associations
Вопрос 44

In Country X, all dimensions of economic activity, including pricing and production decisions, are determined by the central government. Which term best describes Country X?

  1. market economy
  2. mixed economy
  3. command economy
  4. democratic economy
Вопрос 45

Which of the following is most typical of a command economy?

  1. Consumers have choices of many substitutes for any given product.
  2. Quality of products and services tends to be consistent.
  3. The prices of goods and services frequently change.
  4. Many products are usually in short supply.
Вопрос 46

In a ________ economy, certain sectors of the economy are left to private ownership and free market mechanisms, while other sectors have significant state ownership and government planning.

  1. state-directed
  2. market
  3. command
  4. mixed
Вопрос 47

According to the text, which of the following has resulted from GE's Ecomagination initiative?

  1. rising profitability for many GE products
  2. increasing doubt among GE's foreign partners
  3. reducing investments by GE due to poor returns
  4. improving pollution levels near GE plants in China
Вопрос 48

Which of the following statements about GE and its "Green is Green" movement is true?

  1. GE is responding in part to the fact that it is operating in many countries which require compliance with higher environmental standards than exist in the United States.
  2. GE has decided to develop new products that are environmentally friendly rather than adopt internal policies to reduce greenhouse gas emissions.
  3. GE has moved aggressively to reduce greenhouse gas usage internally but has not been able to develop commercially viable "clean" technologies.
  4. GE considered joining the U.S. Climate Action Partnership but decided the group was too radical in its approach to reducing greenhouse gas emissions.
Вопрос 49

The term ________ refers to those people and organizations that are directly affected by the practices and performance of an organization.

  1. corporate customers
  2. permanent employees
  3. community stockholders
  4. stakeholders
Вопрос 50

Which of the following is NOT a key stakeholder group that a company must work to satisfy in order to survive in a global environment?

  1. employees
  2. competitors
  3. shareholders
  4. customers
Вопрос 51

In a world, ever sensitive to social and environmental issues, more and more firms are embracing social responsibility and sustainability. Such firms are more likely than not to ________.

  1. develop closer relations with foreign stakeholders to better understand their needs and work jointly toward solutions
  2. minimize their contribution to the local community in order to maximize profits
  3. be reluctant to hire managers from around the world
  4. favor region-specific CSR standards to global CSR standards for foreign operations
Вопрос 52

Which stakeholder group primarily wants additional sales and increased productivity?

  1. customers
  2. shareholders
  3. society at large
  4. government
Вопрос 53

Which stakeholder group is most interested in trustworthy behavior by corporate executives and increased corporate taxes?

  1. shareholders
  2. society
  3. employees
  4. customers
Вопрос 54

Which of the following statements is most likely true regarding relationships between MNEs and stakeholders?

  1. An MNE typically serves all stakeholder groups equally at any given time.
  2. No individual stakeholder group is powerful enough to cause the demise of an MNE.
  3. All stakeholders of an MNE have the same short-term and long-term goals and interests.
  4. The inability to adequately meet the long-term needs of all stakeholders increases the probability of an MNE failing.
Вопрос 55

Which of the following is one of the primary business objectives for pursuing ethical behavior?

  1. avoiding industrial sanctions
  2. developing competitive advantages
  3. developing creative advertisements
  4. discouraging false commitments to the firm
Вопрос 56

________ is one of the primary business objectives for pursuing ethical behavior.

  1. Replacing home-country technology with host-country technology
  2. Minimizing federal investigations into corporate finances
  3. Avoiding being perceived as a socially irresponsible firm
  4. Imposing home-country behavior on the host country
Вопрос 57

Which of the following is a primary business objective for pursuing ethical behavior?

  1. avoiding industrial sanctions
  2. developing competitive advantages
  3. developing creative advertisements
  4. discouraging false commitments to the firm
Вопрос 58

Bantam Enterprises, a multinational enterprise, makes significant efforts to avoid being perceived as socially irresponsible. What is the most likely reason for this?

  1. Social irresponsibility can lead to labor strikes by international unions.
  2. Socially irresponsible companies usually have fewer exports and more imports.
  3. Cultural barriers increase for companies that are socially irresponsible, which hinders expansion into additional countries.
  4. Social irresponsibility can lead to negative publicity from nongovernmental organizations, which could hurt a company's reputation.
Вопрос 59

Factor mobility refers to the movement of which of the following combinations?

  1. capital, technology and people
  2. currency, profits and raw materials
  3. labor, capital and management
  4. trade, profits and materials
Вопрос 60

South Korea's emergence as a global competitor by building on imported technologies and targeting technical education to become both a competitive and technical leader is largely due to its adoption of ________ trade policy.

  1. an import substitution
  2. a comparative advantage
  3. a factor proportions
  4. a strategic
Вопрос 61

The trade theory that says a country should export more than it imports is known as ________.

  1. comparative advantage
  2. absolute advantage
  3. mercantilism
  4. import substitution
Вопрос 62

Under mercantilism, governments sought to influence trade by ________.

  1. establishing bilateral trading agreements with other countries
  2. limiting exports
  3. limiting imports and subsidizing exports
  4. encouraging the development of manufacturing in their colonies
Вопрос 63

Which of the following undesirable results will most likely occur for a country running a favorable balance of trade?

  1. higher unemployment
  2. higher domestic interest rates
  3. fewer funds to invest abroad
  4. granting credit that may be risky
Вопрос 64

Neomercantilism describes the approach of countries that try to run a favorable balance of trade to ________.

  1. build up gold reserves
  2. lower their rates of inflation
  3. achieve a social or political objective
  4. buy raw materials more cheaply
Вопрос 65

According to Adam Smith's theory of absolute advantage, specialization allows countries to increase their efficiency for each of the following reasons EXCEPT ________.

  1. labor could become more skilled by repeating the same tasks
  2. transportation costs could be lowered by producing closer to markets
  3. labor would not lose time in switching from the production of one kind of product to another
  4. higher production would provide incentives for the development of more effective working methods
Вопрос 66

Which of the following is most likely a basis for a Taiwan's natural advantage in the production of tea?

  1. product technology developed by a Jamaican company
  2. high literacy rates among Jamaican citizens
  3. the use of English as the primary language
  4. its high elevation
Вопрос 67

Both absolute and comparative advantage theories assume that ________ is the only resource used in the production process.

  1. land
  2. labor
  3. capital
  4. equipment
Вопрос 68

As a leading exporter of luxury automobiles, Germany has built a strong reputation in engineering. Germany's trade most likely relies on a(n) ________.

  1. outward immigration restriction
  2. natural advantage
  3. acquired advantage
  4. neomercantilist policy
Вопрос 69

Assume the following conditions: In the United States it takes 5 units of resources to produce a ton of potatoes and 10 to produce a ton of coal. In Canada it takes 6 units of resources to produce a ton of potatoes and 9 to produce a ton of coal. According to the theory of absolute advantage, ________.

  1. the United States should export potatoes to Canada and import coal from Canada
  2. the United States should export coal to Canada and import potatoes from Canada
  3. the United States should import both potatoes and coal from Canada, while concentrating on production of more valuable goods
  4. there would be no basis for trade
Вопрос 70

Comparative advantage differs from absolute advantage in that the former ________, whereas the latter ________.

  1. holds that countries should specialize their production; does not
  2. holds that trade should be kept as nearly in balance as possible; says countries should seek a favorable balance of trade
  3. bases trade on natural advantages; bases trade on acquired advantage
  4. states that there is a basis of trade even if one country can produce everything more efficiently than another country; does not deal with this issue
Вопрос 71

Protectionism will most likely affect which aspect of a company's operations?

  1. selecting employees
  2. investing short-term capital
  3. acquiring foreign supplies
  4. relocating personnel overseas
Вопрос 72

The term protectionism, when applied to international trade, refers to ________.

  1. governmental restrictions and competitive support actions to affect trade flows
  2. payments to dock workers to prevent pilferage of imported shipments
  3. border checks to prevent entry of illegal aliens
  4. methods used to prevent intellectual property theft
Вопрос 73

Why should managers have an understanding of trade protectionism?

  1. Trade protectionism targets factor endowments, thus affecting the best country to locate production.
  2. Trade protectionism affects a company's ability to sell abroad and ability to compete at home.
  3. Trade protectionism affects the number of people permitted to practice a specific profession.
  4. Trade protectionism prevents companies' enactment of merger and acquisition agreements.
Вопрос 74

Managers should understand the effect of trade protectionism because ________.

  1. trade protectionism may limit the number of people permitted to practice a specific profession
  2. trade protectionism requires the payment of high insurance rates to transport goods internationally
  3. trade protectionism may prevent companies' enactment of merger and acquisition agreements
  4. trade protectionism may make it difficult for a company to buy what it needs from foreign suppliers
Вопрос 75

Assume a government is considering import restrictions on sugar because sugar imports are hurting the domestic industry. Which of the following groups is LEAST likely to speak out on the subject?

  1. politicians in areas that grow sugar
  2. employees of sugar companies
  3. sugar company owners
  4. sugar consumers
Вопрос 76

Assume a government places restrictions on a specific product from a specific foreign country. What would be the government's most likely concern about the foreign country's response?

  1. the foreign producers raising the prices of their exports
  2. prospect of retaliation
  3. the foreign country restricting its exports in that industry
  4. the foreign producers seeking other markets
Вопрос 77

What is the most likely reason that consumers rarely protest import restrictions that raise the prices they pay for a specific product?

  1. They reason that if the import restrictions are removed, the foreign producers will raise their prices to those of the domestic producers anyway.
  2. Many countries prohibit consumers to band together to influence political actions.
  3. Typically, although the added costs to consumers for a given product are high in aggregate, they are fairly trivial for most individual consumers.
  4. They reason that if they do something to hurt domestic employment for one product, the displaced workers will then do something that will hurt their own employment.
Вопрос 78

Unemployed workers are most apt to form a pressure group to support ________.

  1. export restrictions
  2. import subsidies
  3. price limitations
  4. import restrictions
Вопрос 79

Imports can stimulate exports by ________.

  1. redistributing the work force
  2. curtailing domestic competition
  3. generating more tax revenue
  4. increasing foreign income
Вопрос 80

All of the following are generally true about trade-displaced workers EXCEPT that they ________.

  1. move abroad to take new jobs
  2. earn less in their new jobs than they earned in their old ones
  3. spend their unemployment benefits on living rather than retraining
  4. have difficulty finding new work because of educational deficiencies
Вопрос 81

The rationale for the infant-industry argument for trade protection is that ________.

  1. incubator centers in which business, government, and academia cooperate will develop entrepreneurial companies
  2. a country should give one firm in an industry a monopoly status so that it will grow large enough to be competitive internationally
  3. it takes time for an industry to become competitive in world markets, so protection is needed to help this industry pass through the critical period
  4. lower restrictions should be placed on products coming from countries where a government has a large sphere of political influence
Вопрос 82

Which of the following is true regarding the protection of infant industries from international competition?

  1. Managers may be deterred from adopting the cost and quality measures needed to compete.
  2. Protection of infant industries helps domestic companies become innovative.
  3. Protection from competition leads to improved quality and lower prices.
  4. Protection leads to more economic good than harm.
Вопрос 83

________ integration is the political and economic agreements among countries that give preference to member countries to the agreement.

  1. Global
  2. Economic
  3. Bilateral
  4. Regional
Вопрос 84

The process whereby countries in a geographic area cooperate with one another to reduce or eliminate barriers to the international flow of products, people, or capital is called ________.

  1. regional economic integration
  2. protectionism
  3. mercantilism
  4. economic nationalism
Вопрос 85

Country A and Country B make an agreement to cooperate more closely and implement tariff reductions. Which of the following best describes this agreement?

  1. double commodity integration
  2. multilateral integration
  3. regional integration
  4. bilateral integration
Вопрос 86

The European Union is an example of ________ integration.

  1. regional
  2. relative
  3. global
  4. bilateral
Вопрос 87

Global integration occurs as countries from all over the world decide to cooperate through the ________.

  1. EU
  2. USMCA
  3. WTO
  4. CARICOM
Вопрос 88

Which of the following statements most accurately describes the relationship between trading groups and MNEs?

  1. Trading groups have no influence on the size of the regional market.
  2. Regional trading groups can define the rules under which companies must operate within that region.
  3. Companies never need to change their organizational structure to take advantage of regional trading groups.
  4. Regional trading groups have no influence on an MNE's strategy since they operate worldwide.
Вопрос 89

Baldani Manufacturing, an Italian firm, plans to expand into Asia. In order to take advantage of regional trading groups, Baldani will most likely need to change its ________.

  1. operating strategies
  2. selection test methods
  3. bilateral trade agreements
  4. economic integration methods
Вопрос 90

The ________ clause embodied the fundamental principle of GATT–trade without discrimination.

  1. most-favored-nation
  2. nontariff barriers
  3. free rider
  4. normal trade relations
Вопрос 91

The ________ requires that any preferential treatment granted to one country must be extended to all countries.

  1. GATT
  2. WTO
  3. export promotion system
  4. most favored nation principle
Вопрос 92

Which of the following accurately identifies a difference between GATT and the WTO?

  1. GATT could enforce member compliance with agreements, but the WTO cannot.
  2. At its inception, GATT had more member nations than the WTO currently has.
  3. GATT withdrew the most-favored-nation clause, but the WTO reinstated it.
  4. GATT rules did not cover trade in services, but the rules of the WTO do.
Вопрос 93

What countries are granted the most-favored-nation status under the GATT?

  1. less-developed nations
  2. GATT member countries
  3. any country that requests it
  4. only members of the WTO
Вопрос 94

The primary goal of the ________ was to promote a free and competitive international trading environment.

  1. Smoot-Hawley Act
  2. International Trade Organization
  3. World Trade Organization
  4. General Agreement on Tariffs and Trade