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24 The regulates free trade, reduces tariffs, and provides a forum disputes. - General A reement on Tariffs and Trade (GATT) Worte ade Organization (WTO) c) In "anal Monetary Fund (IMF) orld Bank 25 A limited liability company is: a) Taxed like a corporation bi Taxed like a partnership c) Similar to a cooperative d) Always used to organize charitable organizations 26 Every business has people with a legitimate interest in the success or failure of policies it adopts. These people are known as: @Stakeholders b) Customers c) Competitors d) Peer reviewers 27 Perfect competition exists when: a) A single seller controls most of the market and can dictate prices b) A few sellers work together to set a price that increases their profit c) Many sellers offer many buyers a standardized product af Many sellers differentiate their products to try to attract many buyers 28 A nation has a(n) if it is the only source of a particular produ more of a product using fewer resources than other countries. a) Absolute Advantage b) Competitive Advantage c) Technical Advantage d) Formal Advantage 29 Which of the following ts LEAST likely to be found in a partnership agreement? a) Profitability projections for the business b) Partner responsibilities-who does what c) Conditions for dissolving the partnership d) Conditions for settling disputes 30 All the following are types of teams except: a) Owner led teams b) Manager-led teams c) Self-managing teams d) Cross-functional team

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