The Objective of the World Trade Organization Is To

question 111

Multiple Choice

The objective of the World Trade Organization is to:

• A)reduce trade barriers,contribute to the process of globalization,and provide a dispute resolution process for member countries.
• B)promote regional trade agreements.
• C)promote trade barriers so as to protect domestic industries.
• D)promote the reduction of world agriculture prices.
• E)reduce trade barriers and encourage the practice of dumping.

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Definitions:

Response Time

The amount of time it takes for a system or individual to react to a given stimulus or request.

Objective Function

A mathematical formula used in optimization to define the goal that needs to be achieved, usually involving minimization or maximization.

Nonsmooth Optimization

An area of optimization dealing with problems that do not have continuous derivatives, often involving abrupt changes.

Fixed-Cost Problem

An issue in budgeting or economics where costs do not change with the level of production or activity.