An Institution That Sets Rules Governing Trade Between Its Members

question 18

Multiple Choice

An institution that sets rules governing trade between its members through a panel of trade experts who decide on trade disputes between members and issue binding decisions is referred to as the

• A) League of Nations (LoN).
• B) World Trade Organization (WTO).
• C) Association for Commerce Equity (ACE).
• D) United Nations Board of Trade (UNBT).
• E) Global Better Business Bureau (BBB-G).

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Definitions:

Limited Partners

Investors in a partnership who have limited liability to the extent of their investment in the partnership. They do not partake in the day-to-day management of the business.

Limited Liability

A legal structure that limits the personal financial risk for shareholders of a company to the amount they invested in the company.

Trade Deficits

An economic condition that occurs when a country imports more goods and services than it exports.

National Debt

The total amount of money that a country's government has borrowed, usually as a result of deficit spending.