Business Environment and International Business MCQs

Question 1

Which of the following statements is/are incorrect?

Accepted Answer

Patents are rights related to literary or artistic work

Answer

Copyrights lie with the owner cum holder for a certain period

Answer

Industrial design rights can be an industrial commodity or a handicraft

Answer

All of the above

Question 2

Identify the correct statement.

Accepted Answer

The European Union, including European Monetary Union, was the biggest and most important regional integrative scheme

Answer

The Maastricht Treaty signed in February 1992 renamed European Community (EC) as European Economic Community (EEC)

Answer

The main objective of the formation of ASEAN Free Trade Area in 1993 was to soften the restrictions on the movement of professionals in the region and helping poorer countries

Answer

The SAARC is a regional grouping scheme among Six South Asian Countries

Question 3

Possible impact of WTO on various aspects of the Indian economy: (i) Quantitative restriction will be allowed (ii) Second hand cars will be imported (iii) There will be dumping of Chinese goods (iv) Increase in population (v) Child labour exploitation (vi) Unemployment will increase Which combination is appropriate?

Accepted Answer

(ii), (iii) and (vi)

Answer

(i), (ii) and (iii)

Answer

(iii), (iv) and (v)

Answer

(iv), (v) and (vi)

Question 4

Consider the following statements. Assertion (A): Amended Patent Act, in compliance with WTO, provides for grant of product patent as well as a process patent for a period of 20 years from the date of application. Reason (R): Under the Act, patent may be granted to an invention which means a new product or process involving an inventive step and capable of industrial application, a technical advance over existing knowledge.

Accepted Answer

Both (A) and (R) are true and (R) is correct explanation to (A)

Answer

Both (A) and (R) are true but, (R) is not correct explanation to (A)

Answer

(A) is false, but (R) is correct

Answer

(A) is correct, but (R) is false

Question 5

In case a nation is facing balance of payment crisis, which of the following institution must be approached?

Accepted Answer

IMF

Answer

IBRD

Answer

ADB

Answer

IFRS

Question 6

Pump Priming is related with:

Accepted Answer

Fiscal policy

Answer

Monetary policy

Answer

Income policy

Answer

Price policy

Question 7

China is an example of a . . . . . . . . system.

Accepted Answer

capitalism

Answer

mixed economy

Answer

socialist

Answer

None of these

Question 8

Which among the following are important bodies of WTO? (i) Dispute Settlement Body (ii) NAFTA (iii) Trade Policy Review Body (iv) ASEAN (v) Council for Trade in Goods (vi) IBRD (vii) Council for Trade related aspects of Intellectual Property Rights (viii) GATT An appropriate combination is

Accepted Answer

(i), (iii), (v), (vii)

Answer

(i), (ii), (iii), (iv)

Answer

(ii), (iii), (iv), (v)

Answer

(iv), (v), (vi), (viii)

Question 9

Which one of the following is true statement?

Accepted Answer

A balance of payment deals with both visible and invisible items

Answer

A balance of trade deals with export and import of invisible items only

Answer

The current account is not a component of balance of payment

Answer

All of the above