701. The Theory of Absolute Cost Advantage is given by ______
A. David Ricardo
B. Adam Smith
C. F W Taylor
D. Ohlin and Heckscher

702. The Theory of Relative Factor Endowments is given by ______.
A. David Ricardo
B. Adam Smith
C. F W Taussig
D. Ohlin and Hecksher

703. The theory of comparative cost advantage is given by ______.
A. David Ricardo
B. Adam Smith
C. F W Taussig
D. Ohlin and Hecksher

704. Comparative Cost Trade Theory is given by ______
A. Adam Smith
B. David Ricardo
C. Gottfried Haberler
D. Heckscher Ohlin

705. ________ is the payment method most often used in International Trade which offers the exporter best assurance of being paid for the products sold internationally.
A. Bill of Lading
B. Letter of Credit
C. Open Account
D. Drafts

706. This is only a legal agreement and it is not an institution, but ______ is a permanent institution.
A. GATT, WTO
B. WTO, GATT
C.WTO, IMF
D. IMF, GATT

707. The WTO was established to implement the final act of Uruguay Round agreement of_______
A. MFA
B. GATT
C. TRIP’s
D. UNO

708. WTO stands for ______
A. World technology association
B. World time organization
C. World trade organization
D. World tourism organization

709. NAFTA stands for ______
A. North African trade association
B. North American free trade agreement
C. Northern Atlantic trade agreement
D. Northern association for trade

710. The main promoter of trade liberalization was ______.
A. GATT
B. NAFTA
C. CEPTA
D. CISA

NOTE
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