Which of the Following Indicates the Difference Between GATT and WTO

question 4

Multiple Choice

Which of the following indicates the difference between GATT and WTO?

• A)WTO has strict time limits unlike GATT.
• B)WTO operates on the basis of consensus unlike GATT.
• C)GATT gives trading partners the right to compensation or,in the last resort,to impose (commensurate)trade sanctions unlike WTO.
• D)GATT's verdict is binding unlike that of WTO's.
• E)WTO allows member-countries to block adoption of arbitration reports unlike GATT.

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Definitions:

Production Cost Report

A document summarizing the costs associated with producing a product, including materials, labor, and overhead.

Work In Process

Inventory items that are in the stage of production but are not yet complete; represents a portion of inventory that is in transition from raw materials to finished goods.

Total Materials Costs

The complete sum spent on raw materials required for the production of goods or services.

Process Cost System

A financial recording approach utilized for assigning expenses to alike items which are manufactured in bulk continuously.