Which of the Following Acronyms Refer to the International Forum

question 42

Multiple Choice

Which of the following acronyms refer to the international forum for member countries to negotiate a reduction of tariffs and other barriers to trade?

• A) WTO
• B) GATT
• C) OECD
• D) OPEC
• E) UNDP

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Definitions:

Quantity Demanded

Quantity demanded refers to the amount of a good or service that consumers are willing and able to purchase at a given price.

Consumer Equilibrium

A state in which a consumer has allocated their income in a way that maximizes their utility, given prices and their budget constraint.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with less expensive ones.

Income Effect

The change in an individual's or economy's consumption patterns due to a change in real income, which can result from wage changes, inflation, or taxation adjustments.