Which of the Following Statements About the World Trade Organization

question 262

Multiple Choice

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

• A) The WTO is a permanent institution that sets rules governing trade between its members.
• B) The WTO sets rules governing trade between its members and the remainder of the world.
• C) The 153 member countries of the WTO account for approximately 55 percent of world trade.
• D) The WTO uses panels of trade experts who can issue non-binding recommendations.
• E) The WTO was formed by the United Nations.

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Definitions:

Discriminate

To differentiate or make distinctions between individuals or groups based on characteristics such as race, gender, age, or other criteria, often leading to unfair treatment.

Competitive Firms

Businesses that operate in a market where they must compete with other firms for customers, characterized by the inability to control market prices.

Product Markets

Markets where finished goods and services are bought and sold, as opposed to markets for inputs used in production.

Government Mandate

A government mandate is a requirement set by governments that individuals or organizations must follow, often under penalty for non-compliance.