World Trade Organization Concepts

The video discusses free trade, the World Trade Organization (WTO), and the arguments for and against it. It explains basic trade terms like tariffs and quotas, the role of the WTO in global trade, and the controversies surrounding its meetings. Supporters argue that free trade boosts the economy by increasing exports and creating jobs, while critics highlight concerns about labor rights, environmental impact, and economic inequality.

What is a tariff?

• A subsidy for domestic producers

• A tax on imported or exported goods

• A free trade agreement

• A limit on the amount of a product that can be imported or exported

What does free trade typically mean?

• Trade with high tariffs and quotas

• Trade with no restrictions like tariffs or quotas

• Trade limited to neighboring countries

• Trade that only involves agricultural products

When was the World Trade Organization formed?

• 1985

• 1995

• 2005

• 2015

What was a controversial aspect of the 1998 WTO conference in Seattle?

• It was attended by only 10 countries

• It was the first WTO conference

• The talks were held behind closed doors

• It was held in a public park

Why do supporters believe the WTO benefits the U.S. economy?

• It reduces the need for international trade

• It helps U.S. companies export more goods

• It increases tariffs on foreign goods

• It limits the number of imports

How do imports benefit American consumers according to WTO supporters?

• They increase prices

• They reduce product variety

• They eliminate domestic products

• They provide more choices and lower prices

What is a major concern of labor unions regarding free trade?

• It increases the number of high-paying jobs

• It reduces the need for skilled workers

• It leads to job losses in protected industries

• It improves working conditions

Why do human rights activists criticize free trade?

• It reduces the number of jobs in developed countries

• It allows exploitation of workers in some countries

• It enforces strict labor laws globally

• It improves wages in developing countries

What environmental concern is associated with free trade?

• It promotes sustainable practices

• It reduces pollution levels

• It allows unrestricted use of natural resources

• It enforces strict environmental regulations

What is a criticism of free trade from socialists?

• It widens the gap between the rich and the poor

• It reduces the wealth gap

• It only benefits small businesses

• It supports local farmers