76. The term “balance of trade” refers to the:
a) Difference between imports and exports of goods and services
b) Difference between government revenue and expenditure
c) Difference between foreign assets and liabilities
d) Difference between national income and consumption
77. The Agreement on Agriculture is a WTO agreement that aims to:
a) Eliminate agricultural subsidies
b) Promote sustainable farming practices
c) Increase import quotas for agricultural products
d) Regulate food safety standards
78. Which of the following is an example of a trade dispute settlement mechanism?
a) Anti-dumping duties
b) Import quotas
c) Regional trade agreements
d) WTO dispute settlement system
79. The concept of “trade imbalance” refers to:
a) Equal imports and exports of goods and services
b) A surplus in the balance of trade
c) A deficit in the balance of trade
d) An equal distribution of trade benefits among countries
80. The General Agreement on Tariffs and Trade (GATT) was established in:
a) 1944
b) 1947
c) 1951
d) 1955
