One of the Differences Between WTO and GATT Is That

question 3

Multiple Choice

One of the differences between WTO and GATT is that WTO's dispute settlement mechanism is:

• A)inferior.
• B)faster and more automatic.
• C)very limited.
• D)controlled by the World Bank.
• E)controlled by the negotiation section of the United Nations.

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Definitions:

Midpoint Method

A technique used to calculate elasticity by taking the average of the starting and ending prices and quantities to determine percentage changes.

Income Elasticity of Demand

An indicator of the variability in a product's demand based on shifts in consumer income.

Price Elasticity of Supply

An indicator of the sensitivity of the amount of a product supplied to fluctuations in its price.

Price Elasticity of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good, indicating the producers' ability to adjust supply when prices change.