The organization that currently establishes rules of conduct for firms engaging in international trade is the ?
Correct answer: D. World Trade Organization
- A. World Bank
- B. International Trade Commission
- C. Department of justice
- D. World Trade Organization
Explanation
The World Trade Organization establishes and administers the principal multilateral rules governing international trade and helps settle trade disputes. The World Bank focuses mainly on development finance, not trade rules.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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