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11th Standard English Medium Commerce Subject Facilitators of International Business Creative 2 Mark Questions with Solution Part - II updated Creative Questions

Published on: 13/05/2022

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Creative Questions in class 11 Commerce Subject. It will helps to get more idea about question pattern in every Creative questions with solution.

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Std: 11th Standard - Commerce

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

What are the criticisms of WTO?

What are the WTO agreements?

What are the main principles of GATT.

IMP, World Bank and SAARC major role in international business?

WTO- new agreements?

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Answers Key:

Generic 2

5 x 2 = 10

The criticisms of WTO are:
(i) Most Favoured Nation Principles.
(ii) Failure to Reduce Tariffs on Agriculture.
(iii) Neglect of Farmers Interest in Developing Countries.
(iv) Neglect Environmental Considerations.
(v) Neglect of Cultural and Social Factors.
(vi) Free trade benefits to developed countries more than developing countries.
(vii) Inability of people in developing countries to buy life saving drugs.

(i) Agreement forming part of GATT
(ii) Agreement on Textiles and Clothing
(iii) Agreement of Agriculture.
(iv) General Agreement on Trade in Services
(v) TRIPS [agreement on Trade Related aspects of Intellectual Property Rights]

(i) Trade without discrimination
(ii) Protection only through Tariff
(iii) Prohibition of Quantitative Restriction
(iv) Consultations

IMF - It works to foster global growth and economic stability by providing policy.
World Bank - Provide long-term loans to developing countries for development.
SAARC - The independence of nations has been increased.

TFA which entered into force on 22 February, 2017 following its ratification by two-third of the WTO membership.