An Institution That Sets Rules Governing Trade Between Its Members

question 38

Multiple Choice

An institution that sets rules governing trade between its members through a panel of trade experts who decide on trade disputes between members and issue binding decisions is referred to as the

• A)League of Nations.
• B)World Trade Organization (WTO).
• C)Association for Commerce Equity (ACE).
• D)United Nations Board of Trade (UNBT).
• E)Global Better Business Bureau (BBB-G).

---

Definitions:

Formalization

The process of establishing official procedures and rules within an organization.

Specialization

The process of focusing on a narrow area of expertise, enhancing efficiency and proficiency in performing specific tasks or roles.

Hierarchy

A system or organization in which people or groups are ranked one above the other according to status or authority.

Centralization

The concentration of decision-making authority at the upper levels of an organization.