Which of the Following Statements About the WTO Is True

question 27

Multiple Choice

Which of the following statements about the WTO is true?

• A) Provisions are made at the WTO for decisions to be made by majority vote if a consensus cannot be achieved.
• B) A successful WTO may well endorse the sovereignty of nations.
• C) The original goal of the WTO was to provide for fixed exchange rates between countries.
• D) Outside groups such as nongovernmental organizations believe the WTO will assist their causes.

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Definitions:

Units of Output

The total quantity of goods or services produced by a firm or industry during a specific period.

Average Fixed Cost Curves

A graph representing the fixed costs of production (costs that do not change with the level of output) spread over varying levels of output, typically decreasing as output increases.

Marginal Cost Curve

A graphical representation showing the change in total cost that arises from producing one additional unit of a good or service.

U-Shaped

A descriptive term for a scenario where performance or conditions decline, then bottom out, and finally improve, thus resembling the letter "U".