BBA 3rd Year International Economic Institutions Very Short Question Answer Notes Modal Paper Sample paper Examination papers solve unit wise chapter wise Study material Semester – Wise Question Answer Notes
(Very Short Answer Questions)
0.1. What is WTO?
Ans. WTO means World Trade Organisation. In this group there were 77 member countries of WTO on 1 Jan. 1995, which increased to 127 by Dec. 1996. Presently there are 159 member countries in this organisation.
Q.2. What are the objectives of WTO?
Ans. The objectives of WTO are as follows:
(a) Raise the standards of living.
(b) Ensure full employment.
(C) Expand trade in goods and services.
(d) Optimise use of world’s resources.
Q.3. What is the main mission of WTO?
Ans. The main mission of WTO is to ensure that trade flows as smoothly, predictably and freely as possible.
Q.4. What are the main functions of WTO?
Ans. The main functions of WTO are as follows:
(a) It facilitates the implementation, administration and
operation of the objective of the agreement and of
the multilateral trade agreement.
(b) It administers the understanding of rules and
procedures governing the settlement disputes of the agreement.
Q.5. What are the advantages of WTO to India?
Ans. Following are the advantages of WTO to India :
(a) Boost to exports.
(b) Settlement of disputes.
(c) It provides special concessions.
(d) Promotion of competition.
Q.6. What is TRIMS?
Ans. TRIMS is the abbreviation of Trade Related Investment b Measures. It refers to certain conditions or restrictions imposed by government with respect to foreign investment in the country.
Q.7. What is TRIPS?
Ans. TRIPS is the abbreviation of Trade-Related aspects of Intellectual Property Rights.
Q.8. What do you mean by EU?
Ans. European Union (EU) is an economic and political confederation of European nations and other organisations that are responsible for a common foreign and security policy and for cooperation on justice and home affairs.
Q.9. How many members are there in EU?
Ans. Twenty-eight countries are the members of European Union.
Q.10. What is the importance of EU to India?
Ans. EU is the major trading Partner of India. In the recent years, it has also proved to be an Ans. EU is the major trading partner of India. In the r important series of foreign investment and aid to India.
Q.11. What is NAFTA?
Ans. The North America Free Trade Agreement (NAFTA) came into being in Jan 1994. The affluent nations of world ie. USA and Canada along with Mexico (a developing country) joined together to form a trade block.
Q.12. What are the objectives of NAFTA?
Ans. The objectives of NAFTA are as follows:
(a) To eliminate the barriers to trade and facilitate the cross border movement of goods
and services among the member countries.
(b) To increase substantially investment opportunities among the member countries.
(c) To establish a framework for further trilateral regional.
Q.13. What do you mean by ASEAN?
Ans. By the abbreviation ASEAN we mean Association of South East Asian Nations formed by the Bangkok Declaration, 1967 by the five countries, namely Indonesia, Malaysia, Philippines, Singapore and Thailand with a view to accelerate economic progress of these countries. Now it has 11 member countries plus India as co-opt member.
Q.14. What are the objectives of ASEAN?
Ans. Following are the objectives of ASEAN :
(a) To accelerate the economic growth, social progress and cultural development in the
region through joint endeavours in the spirit of equality and partnership in order to strengthen the foundation for a prosperous and peaceful community of south east asian nation.
(b) To promote regional peace and stability through abiding respect for justice and the rule of law in the relationship among countries in the region and adherence to the principle of the United Nations charter.
Q.15. What are the objectives of SAARC? Or Describe any three objectives of SAARC. (2015)
Ans. Following are the objectives of SAARC :
(a) To improve the quality of life and welfare of the people of the SAARC member countries.
(b) To enhance the mutual assistance among member countries in the areas of economic,social, cultural, scientific and technical fields.
(c) To provide an opportunity to the people of the region to live with dignity and to exploit their potentialities.
Q.16. What are the fundamental objectives of IMF?
Ans. The fundamental objectives of IMF was the avoidance of competitive devaluation and exchange controls that characterised the era of 1930s.
(a) The elimination or reduction of existing exchange control.
(b) The establishment and maintenance of currency convertibility with suitable exchange rate.
Q.17. What are the functions of IMF?
Ans. The functions of IMF can be enumerated thus :
(a) The fund function as a short credit institution.
(b) It provides a machinery for the orderly adjustment of exchange rates.
(c) It also provides a machinery for international consultations.
Q.18. What does the World Bank do?
Ans. The World Bank is the world’s largest source of development assistance, providing nearly $30 billion in loans annually, to its client countries. The bank uses its financial resources, its highly trained staff and its extensive knowledge base to individually help each developing country.
Q.19. What is meant by regional economic groupings?
Ans. A trade block of regional grouping is a type of intergovernmental agreement, which may be a part of regional intergovernmental organisation where regional barriers of trade like tariffs are reduced or eliminated among agreeing states. European Union i.e. EU is a glaring example of regional economic group having 28 member states in it.