Questions and Answers
Name one of the roles of the World Trade Organization (WTO).
It supports the needs of developing countries.
What is the main focus of classical, country-based international trade theory?
A country's wealth is determined by its holdings of gold and silver.
What is the definition of division of labor?
The separation of a work process into tasks performed by separate individuals or groups to boost productivity and specialization.
What is the term used to describe the amount by which the value of exports exceeds the value of imports?
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Which organization is the only global international organization dealing with the rules of trade between nations?
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True or false: The World Trade Organization (WTO) supports the needs of developing countries.
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True or false: The theory of classical, country-based international trade states that a country's wealth is determined by its holdings of gold and silver.
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True or false: Division of labor enhances specialization, productivity, and efficiency.
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True or false: Trade surplus is the term used to describe the amount by which the value of imports exceeds the value of exports.
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True or false: The World Trade Organization (WTO) settles trade disputes between non-members.
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