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TMI BlogFree Trade Agreements – Objective Questions (MCQs){Check your Knowledge & Test your Experience}Answers will be published Soon!X X X X Extracts X X X X X X X X Extracts X X X X ..... Free Trade Agreements – Objective Questions (MCQs){Check your Knowledge & Test your Experience}Answers will be published Soon! X X X X Extracts X X X X X X X X Extracts X X X X ..... )? A) Agreement to ban imports B) Agreement to increase tariffs C) Agreement between countries to reduce trade barriers D) Agreement to export only raw materials * Which of the following is not a feature of an FTA? A) Elimination of tariffs B) Quotas on trade C) Rules of origin D) Mutual market access * FTAs are generally signed to encourage: A) Protectionis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m B) Trade liberalization C) Monopoly formation D) Domestic production only * Rules of origin in FTAs determine: A) Quantity limits B) Country where the good was manufactured C) Selling price D) None of the above * The primary goal of an FTA is to: A) Increase government revenue B) Eliminate trade deficits C) Promote free trade D) Decrease employment & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nbsp; Examples of FTAs * Which of the following is a bilateral FTA? A) NAFTA B) ASEAN Free Trade Area C) India-UAE CEPA D) EU Single Market * Which countries were part of the original NAFTA agreement? A) US, UK, and Canada B) US, Canada, and Mexico C) US, Mexico, and Brazil D) Canada, Brazil, and Argentina * What is the new name for NAFTA, updated in 2020? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) Trans-Pacific Partnership B) USMCA C) CPTPP D) T-TIP * Which regional FTA includes Japan, Australia, and China? A) EU B) MERCOSUR C) RCEP D) NAFTA * India opted out of which major Asia-Pacific trade agreement in 2019? A) RCEP B) ASEAN C) SAFTA D) APEC Benefits of FTAs * FTAs often lead to: A) Increased tariffs B) Higher trade costs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C) Enhanced market access D) Currency devaluation * Which sector often benefits most from FTAs? A) Real estate B) Manufacturing and exports C) Judiciary D) Taxation * FTAs can improve consumer choice by: A) Reducing product variety B) Encouraging monopolies C) Allowing import of cheaper goods D) Raising import tariffs * Lower tariffs through FTAs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can help businesses by: A) Increasing import costs B) Reducing competitiveness C) Lowering production costs D) Limiting supply chains * Which of the following is a non-economic benefit of FTAs? A) Trade surplus B) Lower prices C) Strengthened diplomatic relations D) Increased employment Challenges and Criticisms * A common criticism of FTAs is that they can: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) Encourage protectionism B) Harm domestic industries C) Increase government income D) Boost inflation * Developing countries may face issues in FTAs due to: A) Strong domestic industries B) Lack of negotiation capacity C) Abundant trade surplus D) High levels of automation * FTAs can lead to 'trade diversion', meaning: A) Trade shifts to less efficient pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oducers due to tariff benefits B) Trade is banned C) Only services are traded D) Trade stops between member nations * Which type of FTA involves comprehensive trade and investment deals (e.g., CEPA, CECA)? A) Limited FTA B) Preferential Trade Agreement C) Deep Integration Agreement D) Bilateral Investment Treaty * One environmental concern with FTAs is that they ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may: A) Encourage green technologies B) Weaken environmental regulations C) Promote local sourcing D) Fund eco projects Miscellaneous / Current Affairs * Which Indian FTA was signed in 2022 and came into effect in 2023? A) India-Australia ECTA B) India-Japan CEPA C) India-EU FTA D) India-China PTA * Which of these is a trade bloc, not an FTA? A) SAFTA B) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MERCOSUR C) India-ASEAN FTA D) India-South Korea FTA * Which organization helps in settling trade disputes globally? A) IMF B) WTO C) UNCTAD D) G7 * The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is made up of how many countries as of 2024? A) 5 B) 7 C) 11 D) 14 * Which of these is an FTA India is currently ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gotiating (as of 2024)?
A) India-Brazil FTA
B) India-EU FTA
C) India-OPEC FTA
D) India-SAARC FTA
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