The World Trade Organization Provides Two Procedures for the Resolution

question 10

Multiple Choice

The World Trade Organization provides two procedures for the resolution of disputes between countries.One way is to request the WTO Council to appoint a "panel" to adjudicate the dispute; the other way is

• A)a consultation and,if necessary,conciliation procedure-essentially a diplomatic solution.
• B)to turn over the matter to the International Mediation Review Board.
• C)by arbitration through an international arbitration panel.
• D)to submit to the International Compensation Board,who will review the matter and publish a report with their recommendations.
• E)to refer the dispute to the Free Trade Commission for settlement.

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Definitions:

Income Taxes

Taxes imposed by governments on individuals or entities based on their income or profits.

Poor People

Individuals or groups who lack the financial resources and possessions needed for a minimum standard of living.

Middle Class

A social group between the upper and working classes, including professional and business workers and their families.

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is unattainable.