Article Review 5

(Due for submission Apr 19th)

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Learning Objectives:

Students will be able to:

· Define trade agreements

· Discuss OECD, WTO, GATT, and EU

· Explain the functions of OECD, WTO, GATT, and EU

· Define quotas

· List the different types of quotas

Read the articles below and answer the questions that follow: Total possible points:20

The WTO (World Trade Organization)

The Uruguay Round

OECD (Organization for Economic Co-operation and Development)

The European Union (EU)


1. What is a trade agreement? Give an example.2 points

2. The OECD

a. Gathers and publishes data on the international economy.

b. Is a cartel of countries that export oil?

c. Gives loans to developing countries.

d. Approves international standards and product regulations.

3. How many countries are members of OECD?

a. 25

b. 38

c. 40

d. 47

4. When was World Trade Organization formed?

a. October 30, 1946

b. January 1, 1995

c. July 4, 1776

d. September 30, 1961

5. Which of the following is not a member of WTO?

a. United States

b. Taiwan

c. China

d. Russia

e. Iran

6. Name two main activities of WTO: 2 points

7. How many countries are members of WTO?

a. 180

b. 164

c. 200

d. 37

8. Members of WTO are required to

a. Eliminate all tariffs

b. Enforce patent rights for patent holders from other countries.

c. Allocate quotas on a first-come-first-served basis.

d. Prevent their firms from “dumping”.

9. Which of the following issue did the Uruguay round not address?

a. Tariffs

b. Intellectual property

c. Agriculture

d. Migration

e. Services

10. Who were the founding members of the EU?

a. Belgium, France, Italy, Germany, Luxemburg, Spain, and the Netherlands.

b. Belgium, France, Italy, Germany, Luxemburg, and the Netherlands.

c. Belgium, France, Germany, Luxemburg, the Netherlands, and Denmark.

d. Belgium, France, Italy, Spain, Denmark, and the Netherlands.

11. Name two requirements to join the EU? 2 points

12. Where was the treaty signed that created the European economic community- the forerunner of the EU?

a. Westphalia

b. Rome

c. Brussels

d. Versailles

13. How many official languages are there in the EU?

a. 12

b. 23

c. 15

d. 24

14. what is an absolute quota? (Answer in 2 – 3 lines)2 points

15. Explain how tariff-rate quotas and tariff preference levels differ from an absolute quota.

(Answer in 2 – 3 lines)2 points

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