Write the full form of:

1. MFN
2. TRIMS
3. SPS
4. NAFTA

State whether the following statements are True or False:
1. Quotas are tariff barriers.
2. Oil and Gas companies expanding abroad to capture oil wells and sources for refining is
market-seeking behavior.
3. Risk of unanticipated fluctuations in currency rates affecting profits of a company is called as
political risk.
4. Setting the foreign production unit is invariably the first step in overseas expansion for an MNC.
5. Under Imitation Gap theory; if imitation lag is less than demand lag, then no trade will take
place.
6. The example in the table given below represents a case of Comparative Advantage Theory of
international trade (assuming total 1000 hours of production available)
COUNTRY A COUNTRY B
1 UNIT OF CEMENT 20 hours 50 hours
1 UNIT OF OIL 10 hours 10 hours