What Is the Role of the World Trade Organization

question 19

Multiple Choice

What is the role of the World Trade Organization?

• A)To create model trade treaties such as NAFTA and GATT to help establish conditions of global trade.
• B)To stimulate negotiations among member nations and to adjudicate trade disagreements among member nations
• C)To enforce U.S.trade laws globally throughout 160 member nations.
• D)To promote standardized trade laws globally.
• E)To restrict the flow of goods across borders in order to promote and protect domestic trade among member nations.

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Definitions:

Categories

Distinct groups or classes into which items or individuals can be sorted based on shared qualities or characteristics.

Proportion

A statistical measure that indicates the fraction of the total population that possesses a particular attribute or characteristic.

Chi-squared Goodness-of-fit Test

This test assesses if observed frequencies in a single categorical variable match expected frequencies determined from a theoretical distribution.

Multinomial Distribution

A generalization of the binomial distribution, which deals with outcomes of a experiment that can fall into more than two categories.