The WTO Differs from GATT in That GATT

question 94

Multiple Choice

The WTO differs from GATT in that GATT:

• A)is an established institution based in Geneva that oversees the functioning of global markets.
• B)is an organization that deals with global rules of trade among nations.
• C)was established to assist developing countries with their trade policy issues through technical assistance and training.
• D)is a forum for trade negotiations, settling trade disputes and reviewing trade policies.
• E)was established to lower trade barriers that inhibited the flow of goods across borders.

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Definitions:

Product Costs

Direct and indirect costs associated with producing a product, including materials, labor, and overhead expenses.

Inventoriable Costs

Costs associated with the purchase or production of goods that are considered assets when incurred and expensed as the goods are sold.

Period Costs

Expenses that are not directly tied to the production of goods and are instead allocated to the time period in which they are incurred.

Controllable Costs

Expenses that a manager or business unit has the authority to influence or change in the short term.