Which of the Following Statements About the Trade-Related Aspects of Intellectual

question 5

Multiple Choice

Which of the following statements about the Trade-Related Aspects of Intellectual Property Rights (or TRIPS) agreement is true?

• A) It was designed to oversee the loosening of intellectual property regulations, beginning in 1995.
• B) It obliged WTO members to grant and enforce patents lasting at least 20 years and copyrights lasting 50 years.
• C) It directed rich countries to comply with its rules of intellectual property protection within five years.
• D) It provided the very poorest countries amnesty from complying with its rules of intellectual property protection.

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Definitions:

Standard Deduction

A fixed dollar amount that reduces the income that is subject to tax and varies according to the taxpayer's filing status.

Taxable Income

The portion of income used to calculate how much tax an individual or a company owes to the government in a given tax year.

AMTI

Alternative Minimum Taxable Income; an income calculation used to ensure that high-income earners pay a minimum amount of tax.

Exemption Amount

The portion of an individual's income that is not subject to tax, as determined by tax laws.