In 1995, the World Trade Organization Replaced Which of the Following

question 14

Multiple Choice

In 1995, the World Trade Organization replaced which of the following?

• A) the World Bank
• B) the International Monetary Fund (IMF)
• C) the North Atlantic Treaty Organization (NATO)
• D) the General Agreement on Tariffs and Trade (GATT)
• E) the Bretton Woods Agreement

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Definitions:

Relative Scarcity

Relative scarcity refers to the situation where a resource is limited in supply when compared to the demand for it.

Marginal Tax Rates

The rate of tax applied to the next dollar of taxable income, which increases as income rises within progressive tax systems.

Dual-Earner Families

Dual-earner families are those where both partners in a household engage in paid employment.

Earnings Differential

The difference in wages or income between two groups due to various factors such as education, experience, or gender.