Which of the Following Is True of the World Trade

question 11

Multiple Choice

Which of the following is true of the World Trade Organization (WTO) ?

• A) It was replaced by the GATT in 1995.
• B) It increases tariffs and other international trade barriers.
• C) It lacks the power to impose international trade sanctions.
• D) It restricts the maximum number of member nations to 100.
• E) It mediates global trade disputes.

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Definitions:

Sherman Antitrust Act

A landmark federal statute passed in the United States in 1890 that prohibits monopolistic business practices and promotes competition.

Monopolies

Market structures characterized by a single seller dominating the entire market for a particular good or service, often leading to reduced competition.

Economic Dominance

A situation where a company, product, or country has enough market power to influence market conditions or prices on a large scale.

Statutory Law

Laws and regulations enacted by legislative bodies at the federal, state, or local levels.