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).

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Definitions:

Pay Package

The total compensation, including salary, benefits, bonuses, and any other financial rewards, offered to an employee by an employer.

Labor Union

An organization that acts on behalf of all employees in negotiations with the employer regarding terms of their employment.

Wagner Act

Also known as the National Labor Relations Act of 1935, it established the right of workers to form unions and engage in collective bargaining.

Taft-Hartley Act

A U.S. federal legislation from 1947 that limits the power and actions of trade unions.