D470 WGU Competency 2• Questions With Objective
Solutions
World Trade Organization (WTO) Accurate Answer:- The WTO's
primary goal is to establish and enforce rules for international trade,
providing a forum for governments to negotiate trade agreements and resolve
trade disputes.
Most Favored Nation Principle vs National Treatment Accurate Answer:-
The Most Favored Nation (MFN) principle requires a country to treat all its
trading partners equally, while National Treatment ensures that foreign goods
and services are treated no less favorably than domestic ones within a
country's market.
Custom Tariffs Accurate Answer:- Custom tariffs are usually a
percentage of the value and origin of the goods.
Value Added Tax Accurate Answer:- Value added tax (VAT) applies in
many countries and requires businesses to pay tax when selling goods,
including imports.
Excise Duties Accurate Answer:- Excise duties are additional taxes that
apply to some types of goods; varying by country, but typically includes:
o Mineral oils (like petrol)
o Tobacco
o Alcohol products
Tariff Quotas Accurate Answer:- Tariff quotas allow importers to
temporarily benefit from tariff suspensions or tariff rates that are below the
normal rate.
Anti-dumping and countervailing measures Accurate Answer:- Anti-
dumping and countervailing measures are designed to offset the advantages
of unfairly priced imported goods.
Safety and Security Actions Accurate Answer:- Border safety and
security include export controls and licenses that restrict or prohibit certain
types of exports, interventions to clandestine and deliberately mis-declared
Solutions
World Trade Organization (WTO) Accurate Answer:- The WTO's
primary goal is to establish and enforce rules for international trade,
providing a forum for governments to negotiate trade agreements and resolve
trade disputes.
Most Favored Nation Principle vs National Treatment Accurate Answer:-
The Most Favored Nation (MFN) principle requires a country to treat all its
trading partners equally, while National Treatment ensures that foreign goods
and services are treated no less favorably than domestic ones within a
country's market.
Custom Tariffs Accurate Answer:- Custom tariffs are usually a
percentage of the value and origin of the goods.
Value Added Tax Accurate Answer:- Value added tax (VAT) applies in
many countries and requires businesses to pay tax when selling goods,
including imports.
Excise Duties Accurate Answer:- Excise duties are additional taxes that
apply to some types of goods; varying by country, but typically includes:
o Mineral oils (like petrol)
o Tobacco
o Alcohol products
Tariff Quotas Accurate Answer:- Tariff quotas allow importers to
temporarily benefit from tariff suspensions or tariff rates that are below the
normal rate.
Anti-dumping and countervailing measures Accurate Answer:- Anti-
dumping and countervailing measures are designed to offset the advantages
of unfairly priced imported goods.
Safety and Security Actions Accurate Answer:- Border safety and
security include export controls and licenses that restrict or prohibit certain
types of exports, interventions to clandestine and deliberately mis-declared
