Describe World Trade Organization
Describe World Trade Organization (WTO)?
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1. The Uruguay Round of the GATT established the WTO as the GATT’s successor.
2. The WTO oversees trade agreements and rules on trade disputes.
3. Critics of the WTO are concerned that the rules crafted to expand trade and investment enables firms to circumvent national laws that protect workers and the environment.
4. Proponents argue promotion of free trade will raise output and incomes and that the higher standards of living will likely result in more protections for workers and the environment.
Transaction costs tend to be decreased and markets are more efficient when: (w) the government subsidizes a good. (x) inter-market price differentials are eliminated through arbitrage. (y) taxes are used to give for social wants. (z) regulations close
Explain the cause of Trade barriers?
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