Which of the Following Statements About the World Trade Organization

question 114

Multiple Choice

Which of the following statements about the World Trade Organization (WTO) is most accurate?

• A) The World Trade Organization is a temporary institution.
• B) The 28 member countries of the WTO account for less than 25 percent of world trade.
• C) The WTO sets rules governing trade between its members and the rest of the world.
• D) The WTO uses panels of trade experts who can issue only nonbinding recommendations.
• E) The WTO was formed by the major industrialized nations of the world.

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Definitions:

Compensated Absences

Employee benefits representing paid time off, such as vacation, sickness, or personal leave, accrued by employees.

Vacation Pay

A benefit offered by employers that compensates employees while they are on leave from work for a vacation.

FICA Taxes

Taxes imposed by the Federal Insurance Contributions Act, which fund both Social Security and Medicare, requiring contributions from both employees and employers.

Federal Unemployment

The tax system in the United States that funds state workforce agencies and unemployment insurance.