For the five (5 ) statements below, please indicate whether or not the phrase or statement is true (T) or fales (T). Also, you must explain your response with two additional sentences. Each question is worth five (5) marks; I for correctly indicating if the statement is true or fale, and an additional four (4) marks for your explanation sentences. This section as a whole will be worth twenty-five (25) marks total. 1. When goods and services are traded throughout the world - globally - internationally - there are certain laws, codes of conduct and ethics - different to the laws which govern states, and individual countries. T/F Explanation: 2 2. The acronym WTO stands for World Trade Operations. T / F Explanation: 3. NAFTA came into effect on 3 January 1994. T/ F Explanation: 4. Free trade agreements like NAFTA have helped to liberalize international trade and commerce. T/F Explanation