The Global Market Integration

Question 1

It is an acronym for the combined economies of Brazil, Russia, India, China and
South Africa.

Answer 1

BRICS

Question 2

countries in BRICS

Answer 2

Brazil
Russia
India
China
South Africa

Question 3

These five countries were among the fastest growing emerging markets as
of 2011.

Answer 3

BRICS

Question 4

These 2 countries will, by 2050, become the world’s dominant suppliers of manufactured
goods and services.

Answer 4

China and India

Question 5

These 2 countries will become similarly dominant
as suppliers of raw materials.

Answer 5

Brazil and Russia

Question 6

T or F
Due to higher labor and production costs in these countries (including South Africa), many
companies have also cited BRICS as a source of foreign expansion opportunities.

Answer 6

F (lower not higher)

Question 7

It is the first multilateral agreement covering trade in services which came into force
in 1995.

Answer 7

GATS

Question 8

It provides a framework of rules governing services trade, establishes a mechanism for countries to make commitments to liberalize trade in services.

Answer 8

GATS

Question 9

GATS stands for

Answer 9

GENERAL AGREEMENT ON TRADE IN SERVICES

Question 10

GATS Objectives:
o Creating a credible and reliable system of ____________ trade rules
o Ensuring fair and _________ treatment of all participants
o Stimulating economic activity through guaranteed _____________
o Promoting trade and development through progressive __________

Answer 10

international
equitable
policy bindings
liberalization