Since 1994, Trade Rules Have Been Enforced by

question 37

Multiple Choice

Since 1994, trade rules have been enforced by

• A) the WTO.
• B) the G10.
• C) the GATT.
• D) The U.S. Congress.
• E) the European Union.

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Definitions:

Opportunity Costs

The potential benefits or returns that are foregone by choosing one alternative over another.

Trade Price

The price at which goods or services are traded between companies, often lower than retail price.

International Trade

The exchange of goods, services, and capital between countries or territories, influenced by comparative advantage, tariffs, and trade agreements.

Better Off

Refers to a situation where an individual's or group's economic situation or welfare has improved.