What is the purpose of the World Trade Organization and its current activity?
What will be an ideal response?
The World Trade Organization (WTO) was established as part of the Uruguay Round of GATT negotiations. There are about 153 member nations. The WTO is responsible for overseeing trade agreements among member nations and for monitoring or resolving trade disputes. The WTO also serves as the forum for continuing trade negotiations to reduce trade barriers and agricultural subsides. The latest round of negotiations is the Doha Development Agenda, named after the Doha location in which the negotiations occur.
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In the 1800s, people in mining towns in the West often paid for goods with gold nuggets or gold dust. What was the function of gold?
(A) It was used as representative money. (B) It was used as fiat money. (C) It was used as part of a barter system. (D) It was used as a currency.
It is commonly argued that national defense is a public good. Nevertheless, the weapons used by the U.S. military are produced by private firms. We can conclude that
a. resources would be used more efficiently if the government produced the weapons. b. resources would be used more efficiently if private firms provided national defense. c. weapons are rival in consumption and excludable, but national defense is not rival in consumption and not excludable. d. national defense is rival in consumption and excludable, but weapons are not rival in consumption and not excludable.