Which of the Following Statements About the World Trade Organization

question 55

Multiple Choice

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

• A)The WTO is a branch of the U.S.government.
• B)The WTO's biggest concern is a decrease in world trade exports worldwide.
• C)Only developed nations belong to the WTO.
• D)The WTO was established during GATT's Uruguay round.
• E)All decisions made by the WTO are controlled by its five voting members.

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Definitions:

Variable Cost Method

An accounting method where product costs include variable expenses, changing with the level of output, but exclude fixed costs.

Markup Per Unit

The sum added onto the purchase price of products to account for overhead costs and generate profit.

Unit Selling Price

The amount of money charged to the customer for a single unit of product or service.

Contribution Margin

The difference between sales revenue and variable costs, representing the amount that contributes to covering fixed costs and generating profit.