Which of the Following Statements About the World Trade Organization

question 18

Multiple Choice

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

• A)The WTO acts as an agent in trade negotiations between its members and the remainder of the world.
• B)The 119 member countries of the WTO account for less than 25 percent of world trade.
• C)The WTO attempts to mitigate trade wars between countries.
• D)The WTO uses legal scholars who can only issue nonbinding recommendations.
• E)The WTO was formed by the United Nations.

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Definitions:

Bilateral Contract

A mutual agreement between two parties where each promises to perform an act in exchange for the other's act.

Unilateral Contract

An agreement in which only one party makes a legally enforceable promise to pay or provide other benefits if the other party performs a specific task.

Mailbox Rule

A legal doctrine stating that an offer is considered accepted when the acceptance is dispatched, not when it is received by the offeror.

Cell Phone Number

A unique numerical identifier assigned to a mobile phone or similar wireless device.