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:

Fixed Assets

Long-term tangible assets used in the operations of a business that are not expected to be consumed or converted into cash within a year.

Trademark

A trademark is a recognizable sign, design, or expression which identifies products or services of a particular source from those of others.

Patent

Legal protection granted by the government to an inventor, giving them exclusive rights to use, produce, and sell their invention for a certain period of time.

Copyright

A legal right granted to an individual or entity to exclusively produce, publish, sell, or distribute the original creative work for a specified period of time.