The Two Most Important Institutions That Monitor International Trade Policies

question 48

Multiple Choice

The two most important institutions that monitor international trade policies are _____.

• A) NAFTA (North American Free Trade Association) and the World Bank
• B) the World Bank and the EU (European Union)
• C) GATT (General Agreement on Tariffs and Trade) and WTO (World Trade Organization)
• D) WTO (World Trade Organization) and NAFTA (North American Free Trade Association)

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Definitions:

Labour Rate Variance

A measurement of the difference between actual labor costs and what those costs should have been according to standard rates.

Quantity Standards

Quantity standards refer to the specified amount of materials, labor, and overhead that should be used for producing one unit of goods, serving as benchmarks for measuring efficiency.

Standard Costing

A cost accounting method that assigns expected costs to products, which are then compared with actual costs to measure performance.

Variable Overhead

Overhead costs that fluctuate with changes in production activity levels, such as utilities or materials used in production.