Business Environment and International Business MCQs

The most important assumption in the Heckscher-Ohlin theory of international trade?

Consider the following statements in context of WTO.
1. WTO is a permanent body with its over dispute settlement machanism.
2. Scope of WTO has been broadened by inclusion of services, intellectual property rights and investment measures.
3. WTO promote international trade.
4. WTO banned the foreign currency.
5. WTO managed the hybrid system of clean floating, currency block etc.
Which of the statements given above are correct?

Match the following legislations with the year of their enactment:

List-I	List-II
a. Industries (Development and Regulation) Act	1. 1969
b. Foreign Exchange Management Act	2. 1951
c. Securities Exchange Board Of India Act	3. 1999
d. Monopolies and Restrictive Trade Practices Act	4. 1992

Which of the following deficits are true in their representation?
(1) Budget deficit = Total expenditure - Total receipts
(2) Revenue deficit = Revenue expenditure - Revenue receipts
(3) Fiscal deficit = Total expenditure - Total receipts except borrowings
(4) Primary deficit = Fiscal deficit - Interest payments

Which one of the following matches corresponds to the Member and Observer countries of the SAARC?
(i) India, Pakistan, Bangladesh, Bhutan, Nepal, Sri Lanka, Afghanistan, Maldives
(ii) China, USA, Myanmar, Iran, Japan, South Korea, Australia, Mauritius and European Union
(iii) Pakistan, Nepal, India, Bangladesh, Iran
(iv) UK, USA, North Korea, South Africa

Match the items of List-I with List-II and indicate the correct answer.

List-I	List-II
a. Micro external environment	1. Economic and political factors
b. Macro external environment	2. Competition among diverse products targeting disposable income of consumers
c. Non-price competition	3. Input suppliers
d. Desire competition	4. Sponsoring of events like sports

Brunei Darussalam joined ASEAN on

Which combination of the following is correct with regard to World Trade Organisation (WTO)?
1. WTO initiates peace process among the member countries to enhance international trade.
2. WTO avoids the task of 'Settlement of Disputes' among the member countries.
3. WTO administers the 'Trade Review Mechanism'.
4. WTO cooperates in an appropriate manner with the IMF and the World Bank.

Match the items of List II and with the items of List I relating to WTO impact:

List-I	List-II
a. NAMA	1. Liberalisation of international investments.
b. GADS	2. Includes industrial goods, textile, jewellery, fish and fisheries product manufacturing industries.
c. TRIMs	3. Liberalisation of trade in goods and services.
d. TRIPs	4. Provides monopoly power to owners of intellectual property