The World Trade Organization is responsible for
Stabilizing and harmonization oil prices
Ensuring equal participation of countries in trade
Modernizing world economies
Minimizing obstacles to international trade and investment
Correct answer is D
The World Trade Organization (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.
The money paid per hour for work done is
Salary
Wage rate
Cost
Bonus
Correct answer is B
The wage rate definition is the rate of compensation for a worker. it is based on the amount produced or the number of hours worked.
Marginal utility
Inefficiency in production
Opportunity cost
Comparative advantage
Correct answer is D
A person has a comparative advantage at producing something if he can produce it at lower cost than anyone else. People engage in trade so as to exchange these goods that are produced or services rendered at a cheaper cost between one another.
A change from one industry to another by a worker is an example of
Geographical mobility
Horizontal mobility
Professional advancement
Vertical mobility
Correct answer is D
Vertical mobility is the movement from one social status to a different social status. An example of vertical mobility is a factory worker who enrolls in college and becomes an international businessman. From the above example, we can see that a worker moved from being a worker in a factory to becoming an international business man. The mobility here is vertical because the worker moved from a manufacturing industry to a commercial industry.
In modern economies, the Malthusian theory of population is ineffective because of
Birth control measures
Technical progress
Government policies
Natural disasters
Correct answer is A
One of the criticism of the Malthusians population theory is that the theory couldn't let go of the wrong idea that human beings are no different than a herd of deer when it comes to reproduction. It proffered that birth rates should be limited to increase quality of life. Critics argued that the solution to overpopulation is not to force people to have fewer children.