Asked by
Gilkelly E Torres Nieves
on Oct 13, 2024
Verified
Since the GATT agreement in 1947,the world has experienced
A) virtually no unfair trading practices among nations.
B) the complete elimination of tariffs and other trade barriers among nations.
C) a reduction of trade barriers among nations in the WTO.
D) all of the choices are true.
GATT Agreement
The General Agreement on Tariffs and Trade; a legal agreement between many countries whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
WTO
The World Trade Organization, an international body that deals with the rules of trade between nations, aiming to ensure that trade flows smoothly, predictably, and freely.
Trade Barriers
Restrictions imposed by a government on international trade, such as tariffs, quotas, and import bans, to protect domestic industries.
- Acquire insight into the repercussions of trade treaties and how trade deficits or surpluses influence the economic health of nations.
Verified Answer
CE
Learning Objectives
- Acquire insight into the repercussions of trade treaties and how trade deficits or surpluses influence the economic health of nations.