Answers for International Business Quiz

* Question 1

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| The WTO conference in Seattle was disrupted in part becauseAnswer | | | |

| Correct Answer: |    because people felt the agenda of the conference hurt developing countries and gave the developed world more access to markets in developing countries. |

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* Question 2

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| How did U.S. Magnesium justify its dumping claim against Russian and Chinese producers?Answer | | | |

| Correct Answer: |    These producers are selling in the US below the cost of production of these goods. |

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* Question 3

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| The two US agencies that deal with antidumping complaints are the:Answer | | | |

| Correct Answer: |    Commerce Department and the International Trade Commission. |

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* Question 4

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| The WTO ruled against the European Union in the case of hormone treated beef becauseAnswer | | | |

| Correct Answer: |    there was no scientific justification |

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* Question 5

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| Complaints against the WTO that it is undermining democracy are reflected in the fact that countries party to the WTOAnswer | | | |

| Correct Answer: |    are locked into the favor of an unregulated market and it is irreversible. |

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* Question 6

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| Which one of the following aimed at avoiding rising unemployment by protecting domestic industry and diverting consumer demand away from foreign products, erected an enormous wall of tariff barriers?Answer | | | |

| Correct Answer: |    Smoot-Hawley Act |

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* Question 7

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| Which of the following statements regarding GATT is true?Answer | | | |

| Correct Answer: |    Tariff reductions through negotiations were spread over eight rounds. |

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* Question 8

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