How Has the WTO Helped Globalization of Markets and Production

question 134

Multiple Choice

How has the WTO helped globalization of markets and production?

• A)It has made low-interest loans available to cash-strapped governments in poor nations.
• B)It required the borrowing nation-states to adopt specific economic policies aimed at economic growth.
• C)It sought to create a more open global business system unencumbered by barriers to trade and investment between countries.
• D)It has helped major nations to launch a coordinated policy response to the global financial crisis.

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Definitions:

Variable Cost

Financial outlays that change directly with changes in production or sales amounts, such as direct labor and raw materials.

Incremental Manufacturing Cost

The additional costs incurred when increasing production by one additional unit.

Production Increase

Refers to the rise in the quantity of goods or services that a company produces over a given period.

Period Costs

Expenses that are not directly tied to the production process and are charged to the period in which they are incurred.