Which of the Following Statements About Aspects of Bretton Woods

question 33

Multiple Choice

Which of the following statements about aspects of Bretton Woods and the Washington Consensus is accurate?

• A)The IMF provides loans and technical assistance to advance development in less-developed countries.
• B)The WTO helps developing countries develop tariff barriers to protect domestic industries.
• C)The Washington Consensus helped pave the way for the creation of institutions like the IMF and World Bank.
• D)A core goal of Bretton Wood was to help manage economic relations between countries, and the Washington Consensus advocated a reduction of states' control over the market.
• E)Both Bretton Woods and the Washington Consensus advocated the maintenance of state-controlled industries in developing countries so that they could compete with the developed world.

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Definitions:

Work In Process

Inventory that includes goods that are in the production process but are not yet completed.

Weighted Average Method

An inventory costing method that calculates item costs based on the weighted average of all units available for sale during the period.

FIFO

An inventory valuation method where the first items placed in inventory are the first sold, standing for "First-In, First-Out."

Process Cost System

An accounting system used to apply costs to similar products that are mass-produced in a continuous fashion.