The World Trade Organization has estimated that the developed nations of the world can raise global economic welfare by $128 billion by
A) removing subsidies given to their agricultural producers.
B) increasing tariff barriers to trade in agriculture.
C) increasing outsourcing of manufacturing processes.
D) reducing defense expenditure.

Question

Quizplus · Accepted Answer

The World Trade Organization has estimated that if the developed nations of the world eradicated subsidies to their agricultural producers and removed tariff barriers to trade in agriculture, this would raise global economic welfare by $128 billion, with $30 billion of that going to developing nations, many of which are highly indebted.

The World Trade Organization Has Estimated That the Developed Nations