The World Trade Organization (WTO)

question 129

Multiple Choice

The World Trade Organization (WTO) :

• A) started as a set of rules to ensure the participation of lesser-developed countries in international trade.
• B) has legal authority to arbitrate disputes on trade issues.
• C) was established by the European Economic Community in 1957.
• D) has spurred the entry of small businesses into the global arena.
• E) is a temporary membership organization.

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Definitions:

Supply Chain Companies

Businesses involved in the movement of goods from manufacturers to consumers, including production, distribution, and fulfillment services.

Off-Shore Sourcing

The practice of sourcing products or services from suppliers located in foreign countries, often to take advantage of lower costs or specialized skills.

External Forces

External forces refer to outside influences that affect an organization, market, or environment, such as economic conditions, legal policies, and social trends.

Economic Landscape

The overall condition and characteristics of the economy at a certain time, including factors like GDP growth, unemployment rates, and inflation.